NEW YORK - Home prices dropped across U.S at a sharpest rate in two decades during the first quarter, national home price index dipped to 14.1% in the first quarter compared with a year earlier, the lowest since its inception in 1988. The quarterly index covers all nine U.S. Census divisions.

Prices nationwide are at levels not seen since the third quarter of 2004; however the index is still up 60% versus 2000. Two narrower indices set record declines in March versus the previous year. The 20 city index tumbled 14.4%, the lowest since that index was started in 2001. The 10 city index plunged to 15.3%, a record in its 20 year history. 19 of the 20 metro areas reported annual declines, with 15 of them posting record lows. Six metro areas lost more than 20%.

Las Vegas had the worst performance in March, dipping to 25.9% from a year earlier, followed by Miami and Phoenix. Only Charlotte, N.C., stayed above water, gaining less than 1% over the previous year. Last week, the Office of Federal Housing Enterprise Oversight said home prices fell 3.1% in the first quarter, the largest drop in its 17 year history and only the second quarter of price declines recorded.