Phoenix home prices fall by more than 30 percent in 1Q

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NEW YORK -- Home prices fell at the fastest annual rate on record in the first quarte. But a closely watched housing index shows that the pace of month-to-month declines continues to slow.

The Standard & Poor's/Case-Shiller National Home Price index reported home prices tumbled by 19.1 percent in the first quarter, the most in its 21-year history.

The 20-city index fell by 18.7 percent in March from the year before and the 10-city index lost 18.6 percent. Those declines were a bit better than February's and marked the second straight month the indexes didn't post record drops.

All 20 cities showed monthly and annual price declines, with nine setting annual records. Fifteen cities posted double-digit drops and three cities -- Phoenix, Las Vegas and San Francisco -- all recorded declines of more than 30 percent.

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