On the Watch: Home Prices

NEW YORK (AP) - On Tuesday, two indexes measuring the change in home prices in April are likely to show declines, as a glut of unsold homes continues to pressure the struggling market. The March Standard & Poor's/Case-Shiller 20-city index showed home prices tumbling 14.4 percent in the month to the lowest level since the index was started in 2001. The Office of Federal Housing Enterprise Oversight index, which monitors changes in prices for prime mortgages that conform to the limits set by the government-backed mortgage companies, showed prices fell 0.4 percent in March. The OFHEO index includes only mortgages of $417,000 or less that are bought or backed by Fannie Mae or Freddie Mac. The S&P index is broader but less regionally diverse than the... [read full story]