OFHEO's House Price Index (HPI) was 0.4% lower in the third quarter than in the second quarter of 2007, registering the first quarterly price decline since 1994. Prices in the third quarter of 2007 were 1.8% higher than they were in the same quarter in 2006. House prices grew at the same rate over the past year as did prices of non-housing goods and services reflected in the Consumer Price Index (CPI). House prices and prices of other goods and services both rose 1.8%. Ten states saw price declines over the most recent four quarters, the greatest number of declines since the 1996-1997 period, while 21 states saw price declines in the third quarter.
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