U.S. home prices fell 0.6 percent on a seasonally-adjusted basis from June to July, according to OFHEO’s monthly House Price Index. For the 12 months ending in July, U.S. prices fell 5.3 percent, and the cumulative decline since the April 2007 peak is 5.8 percent.

The value of the July 2008 Monthly House Price Index is roughly equivalent to the October 2005 index value