Is a ray of light emerging in the U.S. housing market? Perhaps. Home prices in 20 cities declined, but they dropped at a slower 12-month pace in February than in January, according to the S&P/Case-Shiller U.S. National Home Price survey. (pdf)Home prices fell 2.2 percent in February and are down 18.6 percent in the past 12 months; that compares with 2.8 percent and 19.0 percent, respectively, in January. It is the first time in 16 months the decline in prices did not set an annual record -- a statistic that suggests the housing market is attempting to form a bottom. The index has fallen every month since January 2007.
The decline in U.S. home values continues. Home prices in 20 top U.S. cities declined at the fastest pace ever, on a year-over-year basis, as foreclosures increased and banks sought to unload homes by selling at cut-rate prices. 
U.S. home prices in 20 major cities 
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