U.S. home prices rose by roughly 0.6 percent between January and February according to the latest monthly House Price Index from the Office of Federal Housing Enterprise Oversight (OFHEO). Since its peak in April 2007, the index is down 3.1 percent.

The OFHEO monthly index, introduced in 2007, is calculated on purchase prices of homes backing mortgages sold to or guaranteed by Fannie Mae or Freddie Mac.