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New report shows home prices on the decline

WASHINGTON (AP) -- A new government report says U.S. home prices marked a quarterly decline for the first time in 13 years in the third quarter. The Office of Federal Housing Enterprise Oversight says home prices dipped four-tenths of a percent nationwide in the July-September period, compared with the previous quarter. Compared with the third quarter of 2006, the agency's index of U.S home prices rose 1.8 percent. It is the smallest year-over-year increase since 1995. Many of the cities and states experiencing the sharpest declines in the quarter had posted the sharpest increases a couple of years ago during the housing boom. Price declines were steepest in California, Massachusetts, Michigan, Nevada and Rhode Island. Office of Federal Housing Enterprise Oversight (Copyright 2007 by The Associated Press. All Rights Reserved.)

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