U.S. home prices fall 18.7 percent on year in March: S&P

Prices of U.S. single-family homes fell 18.7 percent in March from a year earlier, while prices in the first quarter dropped at a record pace, according to the Standard & Poor's/Case-Shiller Home Price Indices released on Tuesday.

The U.S. housing market is in the worst downturn since the Great Depression as a huge supply of unsold homes, tighter lending standards and record foreclosures push down prices.

Many potential home buyers have been staying on the sidelines, waiting for prices to hit bottom and for the economy to stabilize. Economists contend that the economy might not emerge from its severe slump unless the housing market stabilizes.

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- Posted: 2009-05-26 08:45:38

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