Housing Slump: 'There is No Sign of a Bottom'

The trickle of bad economic news has become a gusher.

US home price drop deepened in February-S&P index

NEW YORK (Reuters) - Prices of existing U.S. single-family homes extended their slump in February, with 17 of the 20 measured regions posting record annual declines, according to the Standard & Poor's/Case Shiller home price index on Tuesday.

The composite month-over-month index of 20 metropolitan areas fell 2.6 percent to 175.94 in February for an annual 12.7 percent drop. It has slumped 15.8 percent from its June 2006 peak.

S&P said its composite month-over-month index of 10 metro areas slid 2.8 percent in February to 190.58, for a record annual 13.6 percent decline. The index is now 14.8 percent below its highest level in July 2006.

"There is no sign of a bottom in the numbers," David Blitzer, chairman of the index committee at S&P, said in a press release.

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