lowest level since early 2003, according to the S&P/Case-Shiller
20-city composite index.
The closely followed index dropped 0.8% in the first month of 2012.
The three-month rolling index includes transactions that took place
from November to January.
Over the past 12 months, prices have fallen 3.8% even though the U.S.
economy has shown increasing signs of recovery. Sixteen of the 20
metropolitan areas posted declines, while only Miami, Phoenix and
Washington, D.C., saw increases.
The federal government's index for home prices was unchanged in
January, but more recent data suggest prices might be stabilizing.
The large number of foreclosed homes, combined with a high
unemployment rate, has depressed the home market since a real-estate
bubble burst in 2007. Many Americans, especially younger people, lack
the financial means to buy a home despite ultra-low mortgage rates.
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