The Office of the Housing Federal Enterprise Oversight report says that U.S. home prices fell 4.8% in May compared to same month in 2007.

The OFHEO which also conducts study on prices and oversees government-sponsored mortgage companies says prices, on a seasonally adjusted basis, dropped 0.3% from April to May. The index is down almost 5% from its peak in April last year.

The index is calculated using mortgage loans of not exceeding $417,000 and is based on the purchase prices of houses with mortgages that have been purchased or guaranteed by Fannie Mae and Freddie Mac.