U.S. Home Prices Rose in February, According to OFHEO

Washington, D.C.–Home prices increased 0.6 percent from January to February, the Office of Federal Housing Enterprise Oversight said Tuesday.Prices dropped 2.4 percent in the 12-month period ending in February. The index is down 3.1 percent from the April 2007 high point, according to MarketWatch.For February, prices increased 2.2 percent a seasonally adjusted basis in New England and 0.3 percent in the Pacific region. Prices dropped 0.6 percent In the Mountain region.The OFHEO index is comprised from repeat sales of homes that are mortgaged through Fannie Mae and Freddie Mac.