U.S. home prices fell the most on record in the first quarter from the previous year, as banks flooded the market with foreclosed properties and short sales.
The average price of a family home fell by 14% to $169,000 on a year on year basis, and 6.2% compared with the last quarter in 2008, according to the National Association of Realtors latest report issued Tuesday.
The market was dominated by first-time buyer hunting for bargains and opportunities, taking advantage of tax breaks and low interest rates.
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