With an index value of 138.16, the 20-City Composite fell below its earlier reported April 2009 low of 139.26. The March 2011 report confirmed a double-dip in home prices across much of the nation. In addition to the National Index, the 20-City Composite and 12 MSAs — Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, Minneapolis, New York, Phoenix, Portland (OR) and Tampa — all hit their lowest levels as measured by the current housing cycle. The 20-City Composite’s March 2011 level is the lowest since March 2003. This cycle’s peak for the 20-City Composite was in July 2006. The index indicates home prices are now more than 33% below that level.