updated 10/22/2009 10:36:32 AM ET 2009-10-22T14:36:32

A government index shows U.S. home prices dipped slightly in August from the previous month, but remained above a low point reached in May.

The Federal Housing Finance Agency says prices fell 0.3 percent in August from July. The agency's index, based on loans owned or guaranteed by Fannie Mae and Freddie Mac, is 3.6 percent below last year's levels and 10.7 percent off its peak in April 2007.

The index declined less than other housing market measurements during the housing bust because it excludes the most expensive homes and some of the risky loans that have fallen into foreclosure.

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