U.S. home prices fall to lowest level since 2003

U.S. home prices fell to a seasonal low in February, down to their lowest level since March 2003, according to HousingWire, which used data from RadarLogic’s RPX Composite Index. Nationwide, prices were down 4.3 percent year-over-year and 36 percent from their June 2007 peak. The worst of the declines have been in the South: Atlanta led the way, posting a 16.3 percent year-over-year fall in home prices, followed by Jacksonville, Fla. and Miami, Fla. with 13.6 and 13.1 percent drops respectively. RadarLogic attributed the grim numbers to low demand and high levels of distressed inventory, thanks in part to foreclosures that were backed up due to temporary freezes by mortgage servicers last year. [HousingWire]