Home prices decline at record pace in Q1

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.