U.S. Home Prices Drop in February

New York–Home prices fell further in February, indicating the housing slump hasn’t bottomed out yet, the Detroit Free Press reported Tuesday.The S&P/Case-Shiller Home Price index 10-city composite found that prices fell by 13.6 percent. In the 20-city composite, home prices dropped by 12.7 percent.Las Vegas and Miami posted the biggest declines–22.7 and 21.7 percent. Both cities showed some of the fastest price appreciation and growth from 2004 to 2005.Los Angeles home prices fell 19.4 percent; Phoenix prices declined 20.8 percent. San Diego prices plummeted 19.2 percent.