NEW YORK, March 29 (UPI) -- U.S. home prices dropped in the first month of the year, with only two of 20 cities showing annual price gains in January, a closely watched index said.
The S&P/Case-Shiller economic index said Tuesday that San Diego, Calif., and Washington D.C. showed gains from January 2010 to January 2011. The 10-city composite index, however, fell 2 percent and the 20-city index fell 3.1 percent over the 12-month stretch.
Compared to the previous month, the 10-city index was down 0.9 percent, while the 20-city grouping dropped 1 percent.
"Keeping with trends set in late 2010, January brings us weakened home prices with no real hope in sight for the near future," said S&P Index Committee Chairman David Blitzer said in a statement.
"The housing market recession is not yet over," he said. "And none of the statistics are indicating any form of sustained recovery."