Home prices fall near 2009 lows

NEW YORK (CNNMoney) — January home prices fell for the sixth month in a row, nearing the housing market’s 2009 lows.

The S&P/Case-Shiller home price index covering 20 major markets fell 3.1% year-over-year, and was down 1% compared with December 2010.

After rebounding nearly 7% off their post-bubble lows, prices have fallen more than 5% since July and are only 1.1% higher than the bottom set in April, 2009.

“January brings us weakening home prices with no real hope in sight for the near future,” says David M. Blitzer, a spokesman for S&P.

The dismal report followed other negative housing market indicators recently. Sales of existing homes were off nearly 10% in February and new homes sales were at a record low.

“The housing market recession is not yet over,” said Blitzer, “and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing.”