April 26 (Bloomberg) -- Residential real estate prices dropped in February by the most in more than a year, a sign the U.S. housing market is struggling to stabilize.
The S&P/Case-Shiller index of property values in 20 cities fell 3.3 percent from February 2010, the biggest year-over-year decrease since November 2009, the group said today in New York. The decline matched the median forecast in a Bloomberg News survey.
Increases in foreclosures are adding to a growing inventory of unsold homes, which may further depress prices and dissuade potential buyers anticipating even cheaper dwellings. Declining property values also limit construction and restrain consumer spending as homeowners have less equity to borrow against.
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