Home prices dive 10.7% in January

Residential real estate prices fell precipitously in most metro areas in January, according to the Standard &Poor's/Case-Shiller Home Price Index. The index, which measures home prices in that nation's 20 largest cities, fell 10.7% in January, marking 13 consecutive months of declining home values and the index's lowest level since 2000. The survey's narrower 10-city composite index fell 11.4% year-over-year, marking its steepest decline since its inception in 1987. Las Vegas and Miami had the weakest markets in January, reporting 19.3% declines in home values, followed by Phoenix, where property values fell 18.2%. Rounding out the top five, Washington and Minneapolis posted losses of 10.9% and 10%, respectively. Charlotte, N.C., where home values increased 1.8%, was the lone metro area to post an increase in property values. "Home prices continue to fall, decelerate and reach record lows across the nation," said David Blitzer, index committee chairman at New York-based Standard & Poor's. "No markets seem to be completely immune from the housing crisis." Mr. Blitzer said all 20 cities that S&P tracks have seen falling prices for five consecutive months compared to the previous month, while 13 cities reported their largest single monthly decline in January.