Home prices drop in first quarter

May 26, 2009 2:23:34 PM PDT
Home prices have dropped by the sharpest rate ever. Nationwide prices fell by just over 19 percent in the first quarter, according to the S&P Case-Shiller home price index.

In the Chicago area, March home prices dropped 18.6 percent over the same time last year.

The drop puts current home prices at the same place they were in 2002.