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Home prices slip in March

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(Read caption) This chart shows the Federal Housing Finance Agency's (FHFA) monthly house price index from 2001 through last month. Home prices have been falling for about four years.

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Today, the Federal Housing Finance Agency (FHFA) released the latest results of their monthly house price index (HPI) showing that, nationally, home prices declined 0.26% since February dropping 5.85% below the level seen in March 2010.

Clearly, we are well into the second leg double-dip of this housing collapse as home sales and homebuying sentiment continue to deteriorate with prices closely following behind.

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The FHFA monthly HPI are formulated from home purchase information collected from mortgages that have been sold to or guaranteed by Fannie Mae and Freddie Mac.

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