Home Prices Tumble Again; 'No Sign of a Bottom'
Prices of existing US single-family homes extended their slump in February, with 17 of the 20 measured regions posting record annual declines, according to the Standard & Poor's/Case Shiller home price index Tuesday. (Video: Discussing the results of the latest survey)
The composite month-over-month index of 20 metropolitan areas fell 2.6 percent to 175.94 in February from January, for an annual drop of 12.7 percent.
S&P said its composite month-over-month index of 10 metro areas slid 2.8 percent in February to 190.58, for an record annual decline of 13.6 percent.
Eight of the top 20 metro areas, as well as both composite measures had their biggest monthly declines in February, S&P said in the release.
The pace of the monthly drop accelerated in February, with the 20-city index sliding 2.4 percent and the 10-city index falling 2.3 percent in January.
"There is no sign of a bottom in the numbers," David Blitzer, chairman of the index committee at S&P, said in a press release.