Report From the Office of Federal Housing Enterprise Oversight – Widespread House Declines in the Fourth Quarter, February 26, 2008: “U.S. home prices fell in the fourth quarter of 2007 according to OFHEO’s seasonally-adjusted purchase-only house price index. The index, which is based on data from home sales, was 1.3 percent lower on a seasonally-adjusted basis in the fourth quarter than in the third quarter of 2007. This decline was substantially greater than the 0.3 percent price decline between the second and third quarters. Over the past year, prices fell 0.3 percent, as the fourth quarter decline erased earlier price gains…The year 2007 showed the first four-quarter decline in the purchase-only index since its earliest data in 1991…”