US Housing Prices Still Going Down - Yes, Brooklyn NY, too

Prices of single-family homes in the 20 largest U.S. metropolitan areas fell 3.1 percent in January compared with January 2010, the sixth consecutive monthly decline, Standard & Poor's said Tuesday.

The January data "bring us weakening home prices with no real hope in sight for the near future," David Blitzer, Chairman of the S&P/Case-Shiller Home Price Indexes, commented today in a statement. "At worst, the feared Double-Dip recession in the housing market may be materializing."

Prices in the 20 biggest U.S. metro areas are down more than 31 percent since peaking in the third quarter of 2006.

Sales of new homes fell 16.9 percent last month compared with January and by a 28 percent from the level of February 2010, the U.S. Commerce Department said last week.

While the National Association of Realtors reported the inventory of unsold existing homes rose 3.5 percent to 3.49 million in February, meaning that 8.6 months would be required to sell those properties if purchases continue at the current pace.

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