Home Prices Drop in May

A government report says U.S. home prices fell 4.8% in May from the same month last year.

The Office of Federal Housing Enterprise Oversight also says prices, on a seasonally adjusted basis, fell 0.3% from April to May. The index is down almost 5% from its peak in April of last year.

OFHEO oversees the government-sponsored mortgage-finance companies Fannie Mae and Freddie Mac.

The index is calculated using mortgage loans of $417,000 or less.