Home Prices Bottom Out in 11 Cities

The housing market is still in big trouble: According to the Standard & Poor’s/Case-Shiller index released Tuesday, home prices dropped in 19 of 20 cities from December to January, marking the sixth straight month of decline. Eleven of the cities are at their lowest since the housing bust in 2006 and 2007, and home values in Atlanta, Las Vegas, Detroit, and Cleveland are below January 2000 levels. Overall, the housing market is coming off its worst year in a half-century for sales of new homes—thanks to a mixture of high unemployment and tighter lending requirements. "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 Standard & Poor's. The only market where home prices rose was Washington D.C., with a 0.1 percent gain from December to January.