Home prices continue to fall through January 2011 in nearly every major metropolitan area in America, Standard & Poors reported today in its S&P/Case-Shiller Home Price Indices.
Prices fell 3.1 percent from January 2010 in the 20-City Composite. The only two bright spots in the index were San Diego, which saw a 0.1 percent gain in home prices, and Washington, D.C., which showed a 3.6 percent gain.
Eleven of the metropolitan areas posted new index level lows in January 2001. Phoenix saw the biggest year-over-year decline of 9.1 percent. In the Midwest, Detroit experienced a decline of 8.1 percent and Chicago saw a 7.5 percent decrease in home prices from January 2010 to 2011. In the Northwest, Portland home prices dropped 7.8 percent and Seattle prices fell 6.7 percent during the same time period. Atlanta, Charlotte, Miami, Las Vegas, New York, and Tampa all saw declines of 7 percent of less.
The 10-City Composite showed a 2 percent decline in prices from January 2010.