Home Prices Lowest Level Since 2002

 Home prices hit new post-bubble lows in March, according to a report out Tuesday.

Average home prices were down 2.6% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets. Home prices have not been this low since mid-2002.

 

“While there has been improvement in some regions, housing prices have not turned,” said David Blitzer, spokesman for S&P.

Although five cities — Atlanta, Chicago, Las Vegas, New York and Portland — saw average home prices hit new lows, that’s an improvement from last month’s report, in which nine cities notched new lows, Blitzer noted.

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