WASHINGTON (MarketWatch) -- The value of U.S. homes rose by 0.3% in July compared with June, the Federal Housing Finance Agency reported Tuesday. Prices fell 4.2% in the past year and were down 10.5% from the peak in April 2007. Prices in July were at the same level as March 2005. June's increase was revised lower to a 0.1% gain from 0.5% previously reported. Prices rose in five of nine regions, led by a 1.6% gain in the Pacific states, where prices have fallen 9% in the past year. The biggest monthly drop was 0.9% in the East South Central states (Kentucky, Tennessee, Mississippi and Alabama). The index is based on repeat sales financed through Fannie Mae or Freddie Mac.
