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Home prices decline in January

March 27, 2012|By Alejandro Lazo
  • Home prices declined in January in most big American cities.
Home prices declined in January in most big American cities. (Michael Robinson Chavez…)

A key gauge of home prices in the nation's largest cities fell to a new post-crisis low in January, the latest sign that housing remains weak.

The Standard & Poor's/Case-Shiller index of 20 American cities fell 0.8% from December to January and 3.8% from January 2011. Sixteen cities tracked by the index posted declines. Eight cities saw average home prices hit new lows.

ā€œDespite some positive economic signs, home prices continued to drop,ā€ said David M. Blitzer, chairman of the index committee at S&P Indices.

All of the California cities in the index posted declines from the prior month. Los Angeles, San Diego and San Francisco fell 0.8%, 1.1% and 2.5% respectively. The drop continues a slide that began last year as sales weakened and the jobs picture remained bleak.

In January, Washington, Miami and Phoenix were the only metro areas that posted monthly gains.

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New home sales fall 1.6% in February; KB Home orders tumble

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