Home prices in January remained barely above lows hit during the worst of the recession, according to an index that tracks prices in America’s biggest cities, and many analysts said they expected values to fall further as the housing downturn plumbs new depths.
The Standard & Poor’s/Case-Shiller index for 20 major U.S. cities, released Tuesday, showed prices dropped 3.1% from January 2010 and 1% from December as demand for homes remained weak and distressed properties — foreclosures and short sales — remained a large part of the market.
“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future,” said David M. Blitzer, chairman of the index committee at Standard & Poor’s. “The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery.” More.