Home prices dropped in nearly all major housing markets in the country in January, according to price index numbers released Tuesday. Analysts said the decrease may be a harbinger of a double-dip recession in the housing market.
According to the Standard & Poor’s/Case-Shiller Home Price Index, only two markets in its survey of 20 cities bucked the trend and posted year-over-year price gains, Washington, D.C., and San Diego.
The Washington area recorded a 3.6 percent annual growth rate for home prices in January. San Diego, the only other metro area to register an annual price increase, saw a gain of just 0.1 percent. The D.C. area was the only one to register a price increase compared with the month before, with a scant 0.1 percent price gain.
The S&P/Case-Shiller 20-city composite index fell 3.1 percent from its January,
2010, level. The 10-city index declined 2 percent.
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