Standard & Poor's reported Tuesday morning that home prices fell in February for the sixth consecutive month to the lowest level since 2002.
House values fell 0.8% in February after falling 1% in January, according to the 20-city S&P Case-Shiller house price index.
Prices in nine cities — Atlanta, Charlotte, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa — hit post-crisis lows in February. Prices in Atlanta are down 17% from February 2011.
Overall, values are down 3.5% from a year ago. Only Denver, Detroit, Miami, Minneapolis and Phoenix posted annual price increases in February.
The Case-Shiller HPI is a three-month rolling average, meaning it can be slow to respond to improving values which could be underway in the current spring selling season.
Separately, the Federal Housing Finance Agency (FHFA) reported Tuesday that its HPI rose 0.3% in February after posting a 0.5% decline in January.
The FHFA HPI is based solely on Fannie Mae/Freddie Mac purchase mortgage transactions. The agency’s HPI is not a rolling average.
For the 12 months ending in February, U.S. prices rose 0.4%, the first 12-month increase since the July 2006-July 2007 interval,” the FHFA said.