U.S. home prices have fallen to 2002 levels and are expected to drop further.
By Julie Schmit, USA TODAY
They were 5.1% lower in the first quarter than in the same period last year and fell 4.2% from the previous quarter, according to the Standard & Poor's/Case-Shiller Home Price index released Tuesday.
Millions of U.S. homes are in foreclosure or headed there, which will depress prices further. "Home prices continue on their downward spiral with no relief in sight," says David Blitzer, chairman of the S&P index committee.
Prices will fall at least 3% more this year "and perhaps even further next year," says economist Paul Dales of Capital Economics...
Full story:
http://www.usatoday.com/money/economy/housing/2011-05-31-home-prices-case-shiller_n.htm
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