Home prices: 'Double-dip' confirmed

Jay's note: The Garrett County & Deep Creek Lake market numbers are definitely different overall than the rest of the country, as you can see from my monthly market analysis over the years, but there are still INCREDIBLE prices out there for the discerning buyer. Want analysis of a property you are thinking of buying or selling? I can help - give me a call (301-501-0420) or email me.

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NEW YORK (CNNMoney) -- Home prices hit another new low in the first quarter, down 5.1% from a year ago to levels not reached since 2002.

It was the third straight quarterly drop for the S&P/Case-Shiller national home price index, which was released Tuesday.

Prices are now down 32.7% from their peak set five years ago.

"Home prices continue on their downward spiral with no relief in sight," said David Blitzer, spokesman for Standard and Poor's.

The index covers 80% of the housing market, and this month's report confirmed "a double-dip in home prices across much of the nation," said Blitzer.

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If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

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