Index: House Prices Fell 9.1% in '07

House prices fell by 9.1% in 2007 and by 2.1% in December, according to the Standard & Poor's/Case-Shiller housing price index, which tracks home sales in 20 metropolitan statistical areas. "Wherever you look, things look bleak, with 17 of the 20 metro areas reporting annual declines and the remaining three reporting flat or moderate growth rates," said Robert Shiller, chief economist at MacroMarkets LLC. Charlotte, N.C., reported a 2.3% annual price increase, while prices are up 1.2% in Portland, Ore., and 0.5% in Seattle. Separately, the Office of Federal Housing Enterprise Oversight reported that house prices fell 0.3% in 2007 and by 1.3% in the fourth quarter, using only purchase mortgage data provided by Fannie Mae and Freddie Mac. The price stability reflected in the GSE data "may reflect, in part, the greater stability in the prime, conforming mortgage market," OFHEO said.