'Inflection point' for home prices seen

S&P: Pace of annual declines peaked in January

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Two indexes tracking home prices in major markets continue to show double digit annual price declines, but the pace of those declines slowed for the fourth consecutive month during May, Standard & Poor’s said.

A clear inflection point has emerged in the rate of annual price declines measured by the S&P-Case-Shiller 10- and 20-City Composites, Standard & Poor’s said.

After 16 consecutive months of record annual declines that began in October, 2007, year-over-year price declines appear to have peaked in January, 2009.