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U.S. home prices continued their multiyear slide in February, according to the S&P/Case-Shiller home-price indexes, but they did stop their 16-month streak of record declines.
Separately, U.S. consumers' assessment of the economy rose to its highest point of the year in April as households began to see an end to the recession loom into view.
Fifteen of 20 major metropolitan areas posted price declines of more than 10% from a year earlier with the Sun Belt continuing to be hit hardest. Nationally, home prices are at levels similar to the third quarter of 2003.
"While the declines in residential real estate continued into February, we witnessed some deceleration in the rate of decline in some of the markets," said David M. Blitzer, chairman of S&P's index committee. Still, 10 of the 20 metro areas reported record year-over-year declines.
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