Home Prices Hit Lowest Level in 2 Years

Home Prices Hit Lowest Level in 2 Years
The S&P/Case-Shiller index shows that U.S. home prices slid 4.2 percent in the first three months of this year, falling to the lowest point since 2009. The movement, with values now below pre-crisis levels, represents a "double dip." Wells Fargo Securities senior economist Mark Vitner notes that there are 2.2 million homes in foreclosure and another 2 million mortgages that are more than 90 days late. For prices to stabilize, he says, about a third of those foreclosures must be cleared.

[SOURCES: Washington Post; Information, Inc.]