NEW YORK (CNNMoney.com) -- Home prices fell over the last 12 months for the first time in 16 years, according to a survey released Tuesday, and investors seem to believe that prospects for a quick recovery are poor.
The S&P/Case-Shiller national home price index revealed that in 13 of 20 metro areas surveyed, home prices fell an average of 1.4 percent in the 12 months ended March 31, with half of that decline, 0.7 percent, coming in the first quarter.
Home prices sank for the first time in 16 years in the 12 months through March, hurt in part by foreclosures stemming from problems in the subprime mortgage business.
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The national index sank over a 12-month period for only the second time in its history and the first time since 1991. The drop is in stark contrast to a year ago, when home prices jumped 11.5 percent over the prior 12 months, according to the index.
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