In May, home prices nationwide fell to a level 4.8% below that of a year earlier, but values may be firming up on the West Coast, according to new figures released by the Office of Federal Housing Enterprise Oversight. OFHEO said prices rose 0.3% from April to May in the Pacific region, which includes Alaska, California, Hawaii, Oregon, and Washington. Nationwide, values fell 0.3% from April to May. "It is very hard to draw conclusions from a one-month number, especially in these uncertain times," said OFHEO Director James Lockhart. The index is calculated by the agency using information on mortgages bought or guaranteed by Fannie Mae and Freddie Mac.
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