S&P says home prices fall by record 11.4% in January

NEW YORK – A widely-watched index of U.S. home prices fell 11.4% in January, its steepest drop since data for the indicator was first collected in 1987.

The decline reported in the Standard & Poor’s/Case-Shiller index means prices have been growing more slowly or dropping for 19 consecutive months.

The index tracks the prices of single-family homes in 10 major metropolitan areas in the U.S.

The broader 20-city composite index also fell, dropping 10.7% in January from a year ago. That makes it the first time both indexes dropped by double-digit percentages.

“Home prices continue to fall, decelerate and reach record lows across the nation,” said David Blitzer, index committee chairman at S&P. “No markets seem to be completely immune from the housing crisis.”

Blitzer said all 20 cities S&P tracks have seen dropping prices for five consecutive months. What’s more, the declines are growing in severity, with 13 of the 20 cities reporting their biggest single monthly decline in January.

The worst performing markets are Las Vegas and Miami, which tied for worst off as they both reported 19.3% drops.

Charlotte, N.C., squeaked by as the only gainer, with a 1.8% rise in January.