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FHFA: House prices dip 0.6% in 2Q

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House prices dropped 0.6% in the second quarter and remain 5.9% below levels measured one year ago, according to the Federal Housing Finance Agency index. The quarterly drop comes as prices increased 0.9% in June from the month before. The FHFA calculates pricing on home purchases and refinancing through Fannie Mae and Freddie Mac. In June, the index was 18.8% below the peak in April 2007.

Prices for other goods and services in the economy climbed 4.5% since the second quarter of 2010. With this inflation factored in, the FHFA said house prices actually fell 10% from one year ago. Prices declined the steepest in Arizona over the last year, dropping nearly 15% over that time. Prices in the foreclosure-riddled state have been cut in half since the peak in 2007. House prices increased in only three areas over the past year, climbing 12.1% in Washington, D.C., 3.9% in North Dakota and 0.3% in Oklahoma, according to the FHFA index. Write to Jon Prior. Follow him on Twitter @JonAPrior

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