Index: Home Prices Down 12.7% Over Year

Prices of existing single-family homes continued their descent in February, falling to a level that was down 12.7% over the previous 12 months, according to a Standard & Poor's/Case-Shiller housing price index that tracks resales in 20 metropolitan statistical areas. Since its peak in July 2006, the 20-city HPI has fallen 14.8%. "There is no sign of a bottom in the numbers," said S&P economist David Blitzer. The Charlotte, N.C., market is the only MSA in the index still registering an annual increase (1.5%) in house prices. "The monthly data show that every one of the MSAs has now declined every month since September 2007, marking six consecutive months," Mr. Blitzer said. Separately, the Office of Federal Housing Enterprise Oversight reported that house prices are down 3.1% on a seasonally adjusted basis for the 12 months ended in February. However, prices rose 0.6% from January to February. OFHEO collects sales price data from Fannie Mae and Freddie Mac purchase mortgages.