The U.S. housing sector's long, painful journey hit another bump in March. Home prices in 20 cities declined at an 18.7 percent annual pace in March -- a larger decline than February's annual pace, according to the S&P/Case-Shiller U.S. National Home Price Index (pdf).
What's more, home prices in the 20-city survey fell at a record 19.1 percent annualized pace in Q1 compared to a year ago. Home prices in the 20-city index fell at 18.6 percent and 19 percent annualized rates in February and January, respectively. Economists surveyed by Bloomberg News had expected the S&P/Case-Shiller Home Price Index to fall 18.4 percent in March. Also, home prices in the 10-city index declined at an 18.6 percent annual rate in March.