Home Prices Rise in January, Index Shows

New York, NY, March 30, 2010--U.S. home prices recorded the smallest annual decline in nearly three years in January, according to the Standard & Poor's/Case-Shiller 20-city home price index.

The index fell 0.7 percent from last year on a seasonally adjusted basis. The index reading of 146.32 was almost in line with analysts expectations.

Prices rose 0.3 percent from December to January, the eighth consecutive monthly gain. Among the 20 cities in the index, 12 rose.

The index is up nearly 4 percent from its bottom in May 2009, but still almost 30 percent below its May 2006 peak.