Industry NewsMarkets & Economy

Case-Shiller: Prices back to 2003 levels

Pace of declines up in 13 of 20 markets during January

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Prices were down from a year ago January in all 20 metro areas tracked by the S&P/Case-Shiller Home Price Indices, with 13 of those markets seeing the steepest rates of decline since the downturn began. Prices fell by more than 10 percent in 14 of the 20 metro areas tracked by the indices, and more than 20 percent in nine. The 20-city composite was down a record 19 percent from a year ago, and 29.1 percent from its peak, as average home prices returned to levels last seen in late 2003, Standard & Poor's said. The data offer "very few bright spots," said David M. Blitzer, chairman of the index committee at Standard & Poor's, in a press release, although Cleveland, Los Angeles and Las Vegas did see less drastic year-over-year price declines in January than in December. Looking at month-to-month trends, all 20 markets saw prices fall from December to January, pushing the 20-city composite index down by 2.8 percent -- a steeper decline than the 2.6 perc...