During the second quarter of 2008, the conventional mortgage home price index (CMHPI) purchase only series has seen a 0.4 percent decline in U.S. home values in second quarter 2008. Home sale prices have fallen to an average of 6.0 percent in the CMHPI purchase only series in second quarter 2008, being the largest fall over 39 years. Home values have remained stabled in some parts of U.S. Most of the areas like west south central region where home value have increased.

According to CMHPI Purchase-only series there has been an annual price increase of 2 percent in some areas like North Carolina, North Dakota, Oklahoma, South Dakota, and Texas and West Virginia. Certain regions have seen an annual drop of 10% like Arizona, California, Florida, Michigan and Nevada. Certain regional performances shows the CMHPI purchase only series: Home values have increased in west south central division and west north central division during last 12 months. Home values have decreased in areas like Decreased middle Atlantic division, east south central division, east north central division, mountain division, south Atlantic division, new England division, pacific division past 12 months.