US single family home prices fell for the seventh month in a row in January, according to the S&P/Case-Shiller index of prices. It monitors 20 metropolitan areas and found that seasonally adjusted prices had fallen in 12 of them.
In four cities, prices were at their lowest for 11 years, with the overall index down 0.2% between December and January.
The average annual price fall across the 20 cities was 3.1%.
Only Washington DC registered a meaningful rise in prices, gaining 3.6% over the year, while San Diego was flat at 0.1% above January's price a year ago.
S&P's David Blitzer said there could be worse to come: "The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery.
"Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future." (Source)
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