Standard & Poor's today reported that U.S. home prices fell by 12.7 percent in February versus last year, with 17 of the 20 metro areas reporting record annual declines. All 20 metro areas have declined for six straight months. The narrower 10-city index set a record monthly decline of 13.6 percent.
From the S&P/Case-Shiller Home Price Indices' website (PDF):
“'There is no sign of a bottom in the numbers,' says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. 'Prices of single family homes continue to drop across the nation. All 20 metro areas were in the red for the February-over-January reading. In addition, 19 of the 20 MSAs are still reporting negative annual returns. The monthly data show that every one of the MSAs has now declined every month since September 2007, marking six consecutive months. On top of that, the declines have remained steep with eight of the 20 MSAs and both composites reporting their single largest monthly decline in February.'”
"The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier. . . . Among the hardest hit states were Nevada, Florida and, in particular, California, where Stockton led the nation with a foreclosure rate that was 6.6 times the national average, Irvine, Calif.-based RealtyTrac Inc. said.
Nationwide, 649,917 homes received at least one foreclosure-related filing in the first three months of the year, up 112 percent from 306,722 during the same period last year, RealtyTrac said."