The S&P/Case-Shiller 20-City Composite Index fell 18.7% y/y in March 2009 as record levels of inventories and foreclosures continued to drive down home prices. All 20 cities covered in the survey showed a year-on-year decrease in prices, with 9 of the 20 areas showing rates of decline of over 20% y/y. The m/m pace of decline in March was slower than in February for 9 cities (S&P)
As of March 2009, average home prices are at similar levels to what they were in Q2 2003. From the peak in mid-2006, the 10-City Composite is down 33.1% and the 20-City Composite is down 32.2% (S&P)
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