U.S. home prices continued to rise in the second quarter but showed the biggest slowdown in three decades, federal regulators said Tuesday, the Associated Press reports.
The figures released by the Office of Federal Housing Enterprise Oversight, the agency that oversees the big mortgage-finance companies Fannie Mae and Freddie Mac, provided the latest indication that the housing market is cooling substantially.
Average home prices rose 1.17 percent in the April-June period, compared with 3.65 percent in the second quarter of 2005 – the biggest decline in price growth since OFHEO started keeping track of home prices in 1975, the new report showed.
