Home prices fell 1.2% in January, following a 1% decline in December, according to preliminary figures compiled by Lender Processing Services.
The average price of a home sold in December was $197,000, down 3.9% from a year ago.
"This is the sixth consecutive month of price declines," according to Raj Dosaj, vice president of LPS Applied Analytics.
The Jacksonville, Fla., vendor tracks home values in 411 metropolitan areas. LPS reported that average prices declined in 402 MSAs in December.
LPS also reported that foreclosure starts and sales spiked in January (up 28% and 29% respectively) from December.
"While one month of data does not necessarily indicate a trend, this surge could suggest the backlogged foreclosure pipeline is beginning to move," LPS said.
Separately, CoreLogic reported that house prices fell 1% from December to January. Excluding distressed sales, the CoreLogic HPI rose 0.7% in January. Distressed sales include foreclosure sales and short sales.
