National home prices hit a new recession low and retreated to their mid-2002 levels, according to the national index from the S&P/Case-Shiller Home Price Index.
Home prices dropped in the first quarter of the year by 4.2 percent compared to the previous quarter. That was after home prices dropped 3.6 percent in the fourth quarter of 2010. Prices are down 5.1 percent compared to the same time last year.
“Home prices continue on their downward spiral with no relief in sight,” said David M. Blitzer, chairman of the Index Committee at S&P Indices.
There is some good news for the Bay State, however. Boston metropolitan home prices were the fifth highest in the country out of the 20 metropolitan areas measured by the index. Homes in the Boston area dropped only 2.7 percent year-over-year.
