Homes Prices Drop 2% to 2002 Lows

by 29 May 2012


(CNBC) Prices fell in the first quarter to new post-crisis lows, but prices were up in March from February for the first time in seven months.

The increase is the latest evidence of a slow recovery taking shape in the troubled housing market.

The Standard & Poor's/Case-Shiller home price index showed that prices increased in 12 of the 20 cities it tracks.

Still, the major indexes ended the first quarter at new post-crisis lows, the report said. For the first quarter, prices were down 2 percent, compared to a 3.9 percent decline in the last three months of 2011.

Prices increased in Tampa and Miami — two of the hardest hit markets.

Las Vegas — the nation's worst market — so no change in prices. Prices dropped sharply in Detroit, Chicago and Atlanta.

The increases partly reflect the beginning of the spring selling season. The month-to-month prices aren't adjusted for seasonal factors.

The overall index of 20 cities was essentially unchanged in March, after falling 0.8 percent in February.

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