The Standard & Poor/Case-Shiller Home Price Indices show declines in the prices of existing single family homes worsened in the second month of the new year, with 17 of the 20 now reporting MSAs posting record low annual declines, 10 of which are in double-digits.
"There is no sign of a bottom in the numbers," says David M. Blitzer, chairman of the Index Committee at Standard & Poor's. "Prices of single family homes continue to drop across the nation. All 20 metro areas were in the red for the February-over-January reading. In addition, 19 of the 20 MSAs are still reporting negative annual returns."