The Lookout

Home prices still falling

Zachary Roth
The Lookout

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home sales

Even as the other sectors of the economy seem to be recovering, the troubled housing market remains in a deep rut.

The 10-city Case-Shiller index, a prominent measure of home prices, fell by 0.9 percent in January, and the 20-city index by 1 percent. Compared to January 2010, the indexes fell by 2 percent and 3.1 percent.

Only Washington D.C. saw a rise in home prices from December to January. Meanwhile, Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland, Ore., Seattle and Tampa all fell to their lowest marks since prices peaked during the housing boom.

With foreclosure rates and joblessness still high, the indexes have been dropping steadily since federal tax credits for homebuyers expired last August.

("For sale" signs line the front yards of several houses in a Hollywood, Fla. neighborhood, September 2008.: Marianne Armshaw/AP)

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