Standard & Poor's said Tuesday that home prices fell in January for the fifth consecutive month, reaching a new low for the housing bust.

Values fell 0.8% in January from the prior month based on the 20-city S&P Case-Shiller house price index. Prices are now at 2003 levels.

"Despite some positive economic signs, home prices continue to drop," said S&P index committee chairman David Blitzer.

Eight cities posted new index lows in January and only Miami, Phoenix and Washington registered increases for the month. Overall, prices are down 3.8% from a year ago.

IHS Global Insight economist Patrick Newport noted the Case-Shiller HPI has fallen 34% since the peak in 2006 and he expects more price declines.

"Our view is that foreclosures, excess supply, and weak demand will drive home prices down at least another 5%," Newport said.

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