When the housing bubble burst, many homes went into foreclosure — further depressing prices.
When the housing bubble burst, many homes went into foreclosure — further depressing prices. Don Ryan/AP
There was a 4.2 percent drop in home prices during the first quarter according to the widely watched S&P/Case-Shiller Home Price Indices report, which was just released.
And after the 3.6 percent decline in fourth-quarter 2010, prices have "hit a new recession low" and are down 5.1 percent from first-quarter 2010.
"Nationally, home prices are back to their mid-2002 levels," the report adds.
According to David Blitzer, chairman of the Index Committee at S&P Indices, we now have "confirmation of a double-dip in home prices across much of the nation."
Our friends at Planet Money make sense of the economic news over here.
Update at 9:20 a.m. ET. More from the report:
In March, according to the report, prices fell from February in all but two of the 20 major cities where S&P/Case-Shiller tracks sales.
Changes In Home Prices, March From February:
Las Vegas -1.1%
Los Angeles -0.3%
New York -0.9%
San Diego -0.8%
San Francisco -0.1%