On the heels of a record low posted by the S&P/Case-Shiller Home Price Indices, the Officer of Federal Housing Enterprise Oversight, which measures only prices for homes financed by so-called "conforming" mortgages, reported a 1.1% decline from December to January.

For the 12 months ending in January, prices fell 3.0%. The OFHEO Housing Price Index has fallend 4.1% since its peak in April, 2007.

The monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac and thus is reflective of only lower-end homes and is at odds with much larger price declines reported by the National Association of Realtors for existing homes, the Commerce Department for new homes and the Case-Shiller Index for homes in 20 metro markets.

For the nine Census Divisions, seasonally-adjusted monthly prices were down 2.4% in the Pacific, up 0.1% in the Mountain, down 2.3% in the West North Central, down 0.4% in the West South Central, down 0.5% in the East North Central, down 1.5% in the East South Central, down 2.9% in New England, down 0.4% in the Middle Atlantic, and down 0.7% in the South Atlantic regions.

On an annualized basis, the index is down 9.4% in the Pacific, 0.8% in the Mountain, down 2.2% in the West North Central, up 1.5% in the West South Central, down 4.2% in the East North Central, up 0.7% in the East South Central, down 4.3% New England, up 0.5% in the Middle Atlantic and down 3.0% In the South Atlantic regions.