Home prices fell in December for a fifth consecutive month and values are down 2.4% from the same period a year earlier, according to the new Standard & Poor's/Case-Shiller house price index.
The 20-city HPI fell nearly 1% from November to December. On a year-over-year basis, prices are down in 18 of those cities with only San Diego and Washington posting gains – up 1.7% and 4.1%, respectively.
"We ended 2010 with a weak report," said David M. Blitzer, chairman of S&P's index committee. "Despite improvements in the overall economy, housing continues to drift lower and weaker," he added.
The reading on the S&P Case-Shiller national index, which covers all nine U.S. census regions, was down 4.1% in the fourth quarter compared to the same period a year earlier.
Home values are now nearing the lows established in the spring of 2009 --just before the first federal homebuyer tax credit kicked in, boosting both sales and prices.
