Home prices, as of January, did not show any signs of stabilization, according to the S&P/Case-Shiller Home Price Indices, released Tuesday morning.The indices showed continued record price erosion in single family homes in most measured markets that has brought values down to late-2003 levels.

With 13 of the 20 metro areas measured by the indices reporting record annual declines, the 10-City and 20-City Composite set new records with annual declines of 19.4% and 19.0%, respectively. From the peak in the second quarter of 2006, the 10-City Composite is down 30.2% and the 20-City Composite is down 29.1%.

"Home prices, which peaked in mid-2006, continued their decline in 2009,"said David M. Blitzer, chairman of the index committee at Standard &Poor's."There are very few bright spots that one can see in the data. Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines, and nine of the MSA¹s falling more than 20% in the last year."

All 20 metro areas reported negative monthly and annual rates of change, and seven metro areas and the 20-City Composite posted record monthly declines in January. Another seven metro areas, led by a 5.5% month-to-month decline in Phoenix, reported declines in excess of 4% in the month of January alone.Every metro has had at least five consecutive months of decline dating back to September 2008.

The three worst performing cities, in terms of annual declines, were Phoenix, down 35.0%; Las Vegas, down 32.5%; and San Francisco, down 32.4%.Dallas, Denver and Cleveland faired the best in terms of annual declines down 4.9%, 5.1% and 5.2%, respectively.

Peak-thru-January 2009, Dallas has held up the best of all measured markets, down only10.8% from its peak in June 2007. Phoenix did the worst, down 48.5% from its peak in June of 2006. All of the 20 metro areas are in double digit declines from their peaks, with nine of the MSA¹s posting declines of 30% or more and five of those, including Las Vegas, Miami, Phoenix, San Francisco and San Diego, down more than 40%.

The indices, which are based on a value of 100 set in January of 2000, now stand at 158.2 for the Composite-10 and 146.60 for the Composite-20, meaning that home values in those markets remain up 58.2% and 46.6% respectively. The indices for individual markets include Atlanta, 109.44; Boston, 150.73; Charlotte, 102.91; Chicago, 130.80; Cleveland, 102.89; Dallas 112.75; Denver, 122.33; Detroit, 77.56; Las Vegas, 125.64; Los Angeles, 166.54; Miami, 159.04; Minneapolis, 120.18; New York, 181.28; Phoenix, 117.11; Portland, 153.80; San Diego, 148.25; San Francisco, 124.33; Seattle, 154.37; Tampa, 149.21; and Washington D.C., 171.97.

Learn more about markets featured in this article: Phoenix, AZ.