U.S. home prices fell 3.0% in February, according to the Denver-based Integrated Asset Services's monthly IAS360 House Price Index.
The latest slide adds up to a 14.4% decline on a year-over-year basis, and 17.9 % since the height of the real estate bubble in 2006, the report said. Much of the past year's declines, 10.9% worth, have occurred since September 2008.
Dave McCarthy, President and CEO of IAS, said that he sees no indication of a positive turn in the housing market; in fact, the rate of price decline in increasing in some areas.
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Among the four U.S. Census region levels, the Northeast reported the largest drop, a blistering 4.6% decrease in February alone, followed by the South with a 3% decline. Boston experienced the worst decline among metropolitan statistical areas with a staggering 10.3% February decline.
Six out of the 10 largest metropolitan statistical areas in the U.S. have experienced double-digit declines since September 2008.
Homes in eight of the top 10 wealthiest counties in the country have also lost value since September 2008, with Montgomery County, Md., Stafford County, Va., Loudoun County, Va., and Morris County, N.J. hit the hardest, all with double-digit price declines.
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