Home values are falling in most major U.S. cities – except the nation's capital — and the average price in four of them are at their lowest level in 11 years, according to the newly released Standard & Poor's/Case-Shiller home price index.

The 20-city index released Tuesday morning shows price declines in 19 cities from December through January.

The findings probably assure that the Federal Reserve Board will not move to raise short term rates any time this year.

"The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery," said David M. Blitzer, chairman of the Index Committee at S&P.

S&P/Case also publishes a 10-City composite index. According to that measurement, values dropped 2% compared to January 2010. The 20-city composite index fell 3.1% year over year.
Home values in Atlanta, Las Vegas, Detroit and Cleveland are now below their January 2000 levels, according to the report.

California cities are faring slightly better researchers found, but are not out of the woods yet. San Diego was the only city besides Washington where values rose year over year (but were down from December to January.)

"Measured from their peaks in June/July 2006 through January 2011, the peak-to-current decline for the 10-City Composite and 20-City Composite is -31.7% and -31.8% respectively," S&P/Case reported.

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