Case-Shiller home price index shows 1.4% YOY drop
* The U.S. composite index, which tracks the performance of home prices in 20 top metropolitan areas, declined 0.31% from February and 1.36% from March 2006.
* 13 of 20 metros showed year-over-year price declines, with Detroit the worst off (-8.38%) and San Diego (-5.97%), Boston (-4.86%), and Washington D.C. (-4.78%) closely behind. A pair of cities in the Pacific Northwest (Portland and Seattle at +6.98% and 10.02%, respectively) were among the strongest gainers, along with Charlotte (+7.44%).
* For the first quarter as a whole, prices dropped 1.41% from the same quarter a year earlier. As this chart shows, that's the sharpest YOY price deterioration since Q2 1991 (-2.19%)