Home prices nationwide fell 19.1 percent in the first quarter of 2009
compared to the same period of 2008, according to the
S&P/Case-Shiller home price index for March and the entire first
quarter, released today. The decline is the largest in the index’s
21-year history. In New York, home prices fell 2.5 percent between
February and March of this year, a record drop, and 11.8 percent
year-over-year. The index does not include condos or co-ops, which make
up the bulk of homes in Manhattan. Nationwide, average home prices have
fallen 32.2 percent since their peak in the second quarter of 2006. TRD [more]