BY S. MITRA KALITA AND NICK TIMIRAOS
Home prices have sunk to 2002 levels, effectively wiping out almost a decade’s worth of home equity across the U.S. and imperiling the fragile economic recovery as Americans confront the falling value of their biggest investment.
A closely watched home-price index released Tuesday, the SP/Case-Shiller National Index, showed that prices nationwide fell 4.2% in the first quarter after declining 3.6% in the fourth quarter of 2010. The index had seen increases in 2009 and early 2010.
“Home prices continue on their downward spiral with no relief in sight,” said David M. Blitzer, chairman of SP’s index committee. The report signals …
Article source: http://online.wsj.com/article/SB10001424052702303657404576357170425058088.html?mod=rss_economy
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