) -- Home prices dipped in August after three straight months of gains.
The Federal Housing Finance Agency announced today that prices slipped 0.3% during the month and are 3.6% below last year's levels. This, however, is still well above the 10.7% decline seen in April 2007.
The agency's index is based on loans owned or guaranteed by
( FNM) and
Prices rose in four of the nine regions, showing the biggest gains in the Pacific and Mountain regions.
Shares of homebuilders are in the red following the report.
is slipping 1.2% to $14.86,
is down 1.7% to $13.45,
is falling 1.4% to $34.47,
is inching down 0.9% to $18.51 and
is sinking 1.5% to $9.65.
-- Reported by Jeanine Poggi in New York
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