The first-quarter drop in the Standard & Poor’s/Case-Shiller national index was the steepest in at least 21 years 

(Source: Associated Press)

Home prices fell at the fastest annual rate on record in the first quarter, but the pace of month-to-month declines continues to slow, a closely watched housing index showed Tuesday.

The Standard & Poor’s/Case-Shiller National Home Price index reported home prices tumbled by 19.1 percent in the first quarter, the most in its 21-year history.

Home prices have fallen 32.2 percent since peaking in the second quarter of 2006 and are at levels not seen since the end of 2002.

The 20-city index fell by 18.7 percent in March from the year before and the 10-city index lost 18.6 percent. Those declines were a bit better than February’s and marked the second straight month the indexes didn’t post record drops.

Still, there are no signs home prices have hit bottom.

Read the full article “S&P: Home prices fall by record 19.1 percent in 1Q” from the Associated Press (May 26, 2009).

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