Home prices lowest since 2002


Posted on Jun 05, 2012

Home prices hit new post-bubble lows in March, according to a report out Tuesday.

Average home prices were down 2.6% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets. Home prices have not been this low since mid-2002.

"While there has been improvement in some regions, housing prices have not turned," said David Blitzer, spokesman for S&P.

Experts say affordable mortgages, combined with much lower home prices, should help to bolster the housing market.

"It's probably the best time to buy a home in decades," said Pat Newport, an analyst for IHS Global Insight.

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