Home Prices Plummet 14.1 percent in First Quarter

A clear indication of dwindling consumer confidence in the housing market was revealed on Tuesday as a closely watched housing index shows prices of single-family homes plunged a record 14.1 percent in the first quarter compared with a year earlier, the lowest since its inception in 1988.

The quarterly index from Standard & Poor's/Case-Shiller which covers all nine U.S Census divisions paints a bleak picture of the housing industry. The narrower indices also set record declines. The 20-city index tumbled 14.4 percent during the quarter, the lowest since that index was started in 2001. The 10-city index plunged 15.3 percent, a record in its 20-year history.

"There are very few silver linings that one can see in the data. Most of the nation appears to remain on a downward path," said David Blitzer, chairman of S&P's index committee.

Nineteen of the 20 metro areas reported annual declines, with 15 of them posting record lows. Six metro areas lost more than 20 percent.

Last week, the Office of Federal Housing Enterprise Oversight said home prices fell 3.1 percent in the first quarter, the largest drop in its 17-year history and only the second quarter of price declines recorded.