Record drop for US home prices 

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The Office of Federal Housing Enterprise Oversight reports that U.S. housing prices fell 1.7 percent in the first three months of 2008 compared to last year’s final quarter, the largest quarterly price decline on record. Prices dropped 3.1 percent between the first quarter of this year and the first quarter of last year. Home prices fell in 43 states, and declined over 8 percent in California and Nevada. For March, prices fell 0.4 percent.  

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