Home Prices Continue To Fall in February

New York, NY, April 24, 2012 -- U.S. home prices fell sharply in February to hit the worst level in nearly a decade, according to the S&P/Case-Shiller 20-city composite index.

The home price gauge fell 0.8% compared to January levels to take the year-on-year drop to 3.5%. The index is at its lowest level since October 2002. Of the 20 cities measured, 16 had negative readings and only three showed gains.

House prices have dropped by over a third from their peak as high numbers of distressed properties on the market have held prices down.

Home values in Atlanta, Charlotte, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa all were the worst since the housing bubble burst.