The S&P/Case-Shiller 20-city composite fell 0.8%

WASHINGTON (MarketWatch)
U.S. home prices dropped sharply in February to hit the worst level in nearly a decade, according to a closely followed index released Tuesday
The S&P/Case-Shiller 20-city composite fell 0.8% compared to January levels to take the year-on-year drop to 3.5%
The index is at its lowest level since October 2002
Of the 20 cities measured, 16 had negative readings and only three showed gains
The decline may be due to the typical pattern of diminished interest during the winter and heightened interest in housing during the spring and summer, as prices rose 0.2% on a seasonally adjusted basis