WASHINGTON: Standard & Poor's said Monday there was little promise for an upturn in US home values after their national price index fell again in January.
The S&P/Case-Shiller index for 20 main US cities fell by 3.1 percent at an annualised rate, and was down 0.2 percent from December.
"The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery," said S&P's David Blitzer.
"Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future," he said.
Blitzer said the data suggested that, after a slight rebound last year, prices could head lower than the first market bottom hit in April 2009.
"At this point we are not too far off, and that is what many analysts are seeing with sales, starts and inventory data too."
Prices in only only two metropolitan areas, Washington and San Diego, showed growth over the 12 month period.
Only Washington's growth -- at 3.5 percent -- was significant; in San Diego, home prices crawled up just 0.1 percent from January 2010.
The S&P indexes confirmed what other data on the US housing industry has shown recently, that sales are not recovering despite historically low interest rates.
Government officials have cited the depressed housing sector, a key pillar in the overall economy, as holding back the country's overall recovery from recession.
The indices showed that prices fell more than seven percent year-on-year in seven of the 20 cities, including 9.1 percent in Phoenix, Arizona and 8.1 percent in Detroit, Michigan.
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