Home Prices Fall by Record Amount in First Quarter

Washington, DC, May 27, 2009--U.S. home prices fell a record 19.1% in the first quarter compared to a year ago, according to the national Case-Shiller home price index released Tuesday.

On a month-to-month basis, prices in 20 selected cities fell 2.2% in March and were down 18.7% in the past year.

Seventeen of 20 cities saw prices fall in March, with record declines in Minneapolis, Detroit and New York.

"We see no evidence that that a recovery in home prices has begun," said David Blitzer, chairman of the index committee for Standard & Poor's, which compiles the Case-Shiller index.

From the peak, home prices are down 32.2%, and on average are at the same level they were at in late 2002.