FXstreet.com (Barcelona) - Housing prices have declined in the first quarter of the year in a larger extent than in the previous quarter, while on the year the decline was the largest on record, according to data released by the US Office of Federal Housing Enterprise Oversight.

On the first three months of the year, housing prices have posted a 1.7% decline, following a 1.4% decline in the last quarter of 2007. From the first quarter last year, the decline has been 3.1% the largest on record.

From February to March, housing prices fell 0.4%, following a 0.4% increase in the previous month, revised down from the 0.6% increase previously estimated. Year on year, housing prices have fallen 3.4%.