Home prices fall by record amount in 1Q

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