Home Prices in U.S. Drop Most on Record in Quarter

Ouch:

Home Prices in U.S. Drop Most on Record in Quarter Bloomberg.com

Home prices in the U.S. dropped the most on record in the first quarter from a year earlier, led by California and Florida, as banks sold foreclosed properties.

The median price fell 14 percent to $169,000, the National Association of Realtors said today. Prices dropped in 134 of 152 metropolitan areas, with the deepest declines in Cape Coral and Ft. Myers, Florida, followed by San Francisco and San Jose.