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U.S. home prices remained essentially flat in March, showing only incremental declines according to the latest Standard & Poor's/Case-Shiller Home Price Indices.

Even so, that was enough to send prices to a new post-crash low, with the Indices reaching their lowest levels since late 2002.

The S&P/Case Shiller index of home prices in 10 major U.S. housing markets was down 0.1 percent from its February level, while the broader index of 20 major cities remained unchanged.

On an annual basis, the 10- and 20-city indices were down 2.8 percent and 2.6 percent, respectively, from their March 2011 levels. Those were the smallest annual rates of decline reported in nearly two years.

Most cities post monthly gains

Although there has been improvement in some parts of the country, home prices overall have yet to turn the corner, according to David Blitzer, chair of the S&P Index Committee.

"The regions showed mixed results for March," Blitzer said. " Twelve of the cities saw average home prices rise in March over February, seven saw prices fall and one - Las Vegas - was flat."

After six consecutive months of price declines across most cities in the indices, Blizter said the fact the indices showed little change in March was "relatively good news."

Blitzer noted that only three cities in the survey - Atlanta, Chicago and Detroit - showed worsening annual rates of change in March, while the other 17 all improved. Seven of the 20 cities showed price gains over one year ago.

"This is what we need for a sustained recovery; monthly increases coupled with improving annual rates of change," Blizter said. "Once we see this on a broader level we will be able to say the market has turned around."

First published at: http://www.mortgageloan.com/sp-shows-home-prices-flattening-9082

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