Home prices fell in the first quarter compared to the fourth quarter, but were up 2 percent from the market’s trough in the first quarter of 2009, according to the latest Standard & Poor’s/Case-Shiller National Home Price Indices report released today.

The indices are based on repeat sales of single-family homes over time in all nine U.S. census divisions.

Prices fell a non-seasonally adjusted 3.2 percent in the first quarter from the fourth quarter to a U.S. National Index of 131.81.

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