RadarLogic home prices fall to lowest level since March 2003

National home prices are getting very close to the 2002 level.  Case-Shiller index in one week.

The RadarLogic RPX Composite index, which tracks home prices in 25 metropolitan areas, fell to $178.12 per square foot, down 4.3% compared to February 2010 and down 36% from the index's all time high in June 2007.

RadarLogic said that both supply and demand factors in the housing market are contributing to price depreciation.

"The foreclosure process remains bogged down after investigations launched late last year prompted temporary halts by some mortgage servicers and created a bottleneck as paperwork was re-filed," the report said. "Housing demand is also constrained.

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