US Home Prices Lowest Since 2002 Jerry Freeman - CNNMoney
go to original May 29, 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.

Although five cities - Atlanta, Chicago, Las Vegas, New York and Portland - saw average home prices hit new lows, that's an improvement from last month's report, in which nine cities notched new lows, Blitzer noted.

Overall, the 20-city composite is down about 35% from its peak in 2006.

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.

"But the problem is that unless you have good credit, you are probably going to have trouble qualifying for a loan," he added referring to overly tight lending conditions.

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