Home Prices Continue to Plummet, Down 3.1% in Jan.
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Residential real estate prices fell in January by the widest margin in over a year, as the housing market continues to lag behind the rest of the economic recovery.
The S&P/Case-Shiller index of property values in 20 major U.S. cities fell by 3.1 percent from the same month last year, the largest year-over-year drop since December 2009.
Economists had been expecting a 3.2 percent drop for the first month of 2010, as home prices fell 0.2 percent from the previous month.
Prices in 18 of the 20 cities on the index showed a year-over-year decline, led by a 9.1 percent drop in Phoenix. The index showed 11 markets falling to fresh lows from peaks in 2006 and 2007.
Washington was the most improved market, rising 3.6 percent in the 12 months leading up to January.
The S&P/Case-Shiller index of property values in 20 major U.S. cities fell by 3.1 percent from the same month last year, the largest year-over-year drop since December 2009.
Economists had been expecting a 3.2 percent drop for the first month of 2010, as home prices fell 0.2 percent from the previous month.
Prices in 18 of the 20 cities on the index showed a year-over-year decline, led by a 9.1 percent drop in Phoenix. The index showed 11 markets falling to fresh lows from peaks in 2006 and 2007.
Washington was the most improved market, rising 3.6 percent in the 12 months leading up to January.
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