U.S. home prices at lowest level in decade

U.S. home prices continued to fall sharply in February to hit the
worst level in nearly a decade, according to a closely followed index
released Tuesday. The S&P/Case-Shiller 20-city composite is at its
lowest level since October 2002.

The index fell 0.8% compared to January levels to take the
year-on-year drop to 3.5%. Of the 20 cities measured, 16 had negative
readings and only three showed gains.

The decline may be due to the typical pattern of diminished interest
during the winter and heightened interest in housing during the spring
and summer, as prices rose 0.2% on a seasonally adjusted basis.