Home Prices Drop 19% In 1Q

Those thinking the housing market is near bottom might want to reconsider.

U.S. home prices continued their multiyear tumble in March, according to the closely watched S&P Case-Shiller home-price indexes, as the worst downturn in decades shows no near-term signs of abating.

With price stabilization important for recovery -- many potential buyers remain fearful values aren't finished plummeting - Tuesday's results dampen recent optimism that has emerged as home builder confidence and foreclosure sales increase.

"Prices are still declining. The rate of decline isn't gaining momentum, but it hasn't decelerated either," said Robert Curran, Fitch Ratings' lead home-building analyst. "To establish that things have hit bottom, you'd want to see stability. And we still don't see that."

S&P/Case-Shiller 20-city home price index

Metro area 1-year change (%) Phoenix -36.0% Las Vegas -31.2% San Francisco -30.1% Miami -28.7% Detroit -25.7% Minneapolis -23.3% Tampa -22.4% Los Angeles -22.3% San Diego -22.0% Chicago -18.6% Washington -18.4% Seattle -16.4% Atlanta -15.7% Portland -15.3% New York -11.8% Charlotte -9.3% Cleveland -9.0% Boston -8.0% Dallas -5.6% Denver -5.5% Composite-20 -18.7%

Source:S&P/Case-Shiller