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Financial News Network
March 29, 2011 AT 3:31 PM
U.S. home prices declined in January, falling to a level equal with the summer of 2003, according to the S&P Case-Shiller indexes. The index showed prices fell 1% in the month, after rising 2.38% in December.The current downtrend began in August 2010, after the federal homebuyer tax credit expired in the spring. The housing market has continued to show major weakness well after other parts of the economy have shown significant rebound.David Blitzer, chairman of S&P's index committee said, "These data confirm what we have seen with recent housing starts and sales reports, The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing."From December, Washington D.C. was the only of the 20-city that saw an increase in prices. 11 Cities sank to new lows from their 2006 and 2007 peaks, including New York, Chicago, Atlanta, and Seattle.