US housing prices dropped at an accelerating rate in the first quarter of 2011.

In particular, according to the latest release of the Federal Housing Finance Agency House Price index US house prices registered a year-over-year decline of 5.5% in the first quarter of this year.
The recent trends in house prices in the United States are nothing but encouraging since the rate of decline has been systematically accelerating for the last three quarters. Particularly, the annual rate of decline registered its lowest value of -1.85% since the fourth quarter of 2007 in the second quarter of 2010. But since then it accelerated to -2.98% and -4.23% in the third and fourth quarters of 2010, respectively, and climbed to -5.5% in the first quarter of 2011.
There was a significant variation in house price declines across locations from March 2010 to March 2011. The smallest house price decline of -1% was registered in West South Central while the largest decline of -9.5% was registered in the Mountain Division.
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