The decline in home prices continued in February with a drop of 1.1%, the same drop that was experienced in January. The year-over-year decline accelerated to 3.3% for the 20-city index. The 10-city index declined 2.6% on a year-over-year basis. One city, Washington, D.C., bucked this trend, posting a year-over-year increase of 2.7%.
The decline was expected, given weak sales and low housing starts, and may yet continue. Foreclosures are on the rise, complicated by uncertainty over the foreclosure process.
4.19.11 (Source: Standard & Poors)