Home prices sink in most big cities

Associated Press

WASHINGTON

Home prices are hitting new depths in most major U.S. cities and are expected to fall further over the next six months.

In a majority of metro areas tracked by Standard & Poor’s/Case-Shiller, prices have fallen to their lowest point since the housing bubble burst.

High unemployment, stricter lending rules and fears that prices will continue to fall are among the reasons few people are buying homes. A rising number of foreclosures also are weighing down prices.