The S&P/Case-Shiller Home Price Index showed more declines through January 2011 in the annual growth rates in 13 of the 20 MSAs and the 10- and 20-City Composites compared to the December 2010 report.

The report showed “The 10-City Composite was down 2.0% and the 20-City Composite fell 3.1% from their January 2010 levels while monthly the 10-City Composite was down 0.9% and the 20-City Composite fell 1.0% in January versus December 2010. This will be the sixth month in a row that these composites have declined. The same 11 cities that had posted recent index level lows in December 2010, posted new lows in January. San Diego and Washington D.C. were the only cities whose annual rates remained positive throughout 2010.

Nineteen MSAs and both Composites fell during January with 12 of the markets and the 20-City Composite down by at least 1.0% versus December 2010. This data is in line with all the recent reports on falling home prices and values along with lower new home sales.

David M. Blitzer, Chairman of the Index Committee at Standard & Poor's said that “The 10-City Composite is still 2.8% above and the 20-City is 1.1% above their respective April 2009 lows, but both series have moved closer to a confirmed double-dip for six consecutive months. At this point we are not too far off, and that is what many analysts are seeing with sales, starts and inventory data too.”

(Source: The S&P/Case-Shiller Home Price Indices)