Despite Slight Improvements, Home Prices Remain In Limbo

NEW YORK CITY-Home prices have tumbled for the sixth consecutive month despite high home affordability and low interest rates. The latest S&P/Case-Shiller indices showed declines for 16 of the 20 cities it ranks in February 2012, an indication that a slight uptick in sales hasn’t materialized into normal-market pricing — just yet.

Nine cities, including Atlanta, Charlotte, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa, and both S&P’s 10- and 20- city composites, hit new post-crisis lows. Atlanta continued its downward spiral, posting its lowest annual rate of decline in the 20-year history of the index at -17.3%. S&P says the 10-city composite declined 3.6% and the 20-city was down 3.5% compared to February 2011, which is less than January’s -4.1% and -3.9%, respectively.