The housing double dip is official: US home prices fell in the first quarter to a new recession low, according to the latest S&P/Case-Shiller price index.

"This month's report is marked by the confirmation of a double-dip in home prices across much of the nation," said David Blitzer, chairman of S&P's index committee. "The National Index fell 4.2% over the first quarter alone, and is down 5.1% compared to its year-ago level. Home prices continue on their downward spiral with no relief in sight," he added.

As...