U.S. home prices fell in December

The home prices index for 20 U.S. metropolitan regions dropped for the 29th consecutive month in December, a closely watched housing index said.

The 20-city S&P/Case-Shiller home price index fell 2.5 percent in December to 150.66, a report released Tuesday said.

Housing prices fell in all 20 major metropolitan areas tracked and fell across the country for the second consecutive year, the report, said.

Home prices fell most in areas already hard hit by the falling home values. Las Vegas and Phoenix saw the sharpest declines, followed by Minneapolis, where prices fell 4.5 percent in the month.

For the year, home prices fell 19 percent. Prices have collapsed 27 percent from the peak in July 2006, when the composite-20 index stood at 206.52. The index in December hit 150.66, the lowest it has been since December 2003.