Home Price Index Drops Again

U.S. home prices dropped -0.3 percent in January according, to the FHFA.  This index is calculated using the purchase prices of houses financed with mortgages that have been sold to or guaranteed by Fannie Mae (FNMA.OB) or Freddie Mac (FMCC.OB). The index was at 187.0 in December, and slid to 186.5 in January.  Previous year was 194.0 (January 2010).