House Prices Continue To Fall in February

New York, NY, April 26, 2011 -- Single-family home prices fell for an eighth straight month in February, according to the S&P/Case Shiller composite index.

The index of 20 metropolitan areas declined 0.2% in February from January on a seasonally adjusted basis, slightly better than economists' median forecast for a drop of 0.3%.

The 20-city composite index was at 139.27, holding just above its 2009 low of 139.26. Average home prices across the United States are back to levels where they were in the summer of 2003.

Prices in the 20 cities have fallen 3.3% from a year ago.

"There is very little, if any, good news about housing. Prices continue to weaken, trends in sales and construction are disappointing," David Blitzer, chairman of the Index Committee at S&P Indices, said in a press release.

"Recent data on existing-home sales, housing starts, foreclosure activity and employment confirm that we are still in a slow recovery."

The glut of houses for sale has kept prices low.