NEW YORK, April 26 (UPI) -- U.S. home prices dropped in February with only Washington showing price gains in the month, a closely watched 20-city index said.
The S&P/Case-Shiller economic index said the nation's capital showed gains from February 2010 to February 2011, as San Diego, which showed an annual gain in January, fell into the red.
The 10-city composite index showed prices 2.6 percent lower than a year ago, while the 20-city index was off 3.3 percent over the 12-month stretch.
In Washington, home prices are up 2.7 percent from a year ago, but in the broader index 10 out of 11 cities that showed lows in January, compared with their pre-recession peaks, did not come off those lows but rather sunk further, establishing new lows.
S&P Index Committee Chairman David Blitzer said in a statement, "There is very little, if any, good news about housing.
"Prices continue to weaken, trends in sales and construction are disappointing," he said.
Prices in Atlanta, Cleveland, Detroit and Las Vegas now show prices "below their 2000 levels," the report said, "and Phoenix is barely above its January 2000 level."
Washington, New York, Los Angeles and San Diego are the only cities "holding on to large gains from 11 years ago," the report said.
Pressing on prices, foreclosure activity, which undermines the market, is "still close to historic highs," the report said.
