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Home Prices Fall in February, But Not As Badly as in Prior Months

The Standard & Poor's/Case-Shiller index revealed that home prices in 20 major cities tumbled in February by 18.6% from February 2008. That was slightly better than January's 19% drop and the first time since January 2007 the index didn't set a record, another sign that the housing market could be bottoming. The 10-city index declined 18.8%, the first time in 16 months the drop was not a record. Nevertheless, all 20 cities in the report showed monthly and annual price declines, with half recording annual records. Prices fell by more than 10% in 15 cities, including Las Vegas, San Francisco and Phoenix. Prices in the 20-city index have plunged 30.7% from their peak in the summer of 2006.

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Date Last Updated: 04/30/2009