Housing prices in February posted their first annual increase in more than three years, according to a new reading of the closely watched Standard & Poor's/Case-Shiller home price index.

However, not all was rosy in the new numbers. Despite the 0.6% increase on a non-seasonally adjusted basis, 11 of the 20 cities in the index experienced declines. Las Vegas -- one of the hardest hit cities in the nation in terms of price declines -- saw the largest annual drop at almost 15%. Tampa saw prices fall 6.1% with Seattle down -5.6%.

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