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U.S. home prices fall to 2002 levels Add to ...

U.S. home prices are

at levels not seen since the end of 2002. The Standard & Poor's/Case-Shiller National Home Price index reported home prices tumbled by 19.1 per cent in the first quarter compared to the first quarter last year, the largest drop in its 21-year history. Home prices have fallen 32.2 per cent since peaking in the second quarter of 2006. In cities across the country home prices varied dramatically, depending on affordability, foreclosure activity and the local economy. The bottom may be in sight in some markets, but nationally home values are expected to decline - though at a slower pace - for the rest of the year.

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