More Lagging Data on Terrible Q1

New bad data about the past:

Prices of U.S. single-family homes fell 18.7 percent in March from a year earlier, while prices in the first quarter dropped at a record pace, according to the Standard & Poor’s/Case-Shiller Home Price Indices released on Tuesday.

Remember, of course, that we already had a huge pile of data indicating that economic performance in Quarter 1 was absolutely horrible, so this should come as no surprise. But when it comes to housing (rather than say, unemployment) there really is a need for prices to come into line with fundamentals, so there’s a case to be made that steeper falls are better since they mean we’ll hit the bottom sooner.