US home prices kept falling in January, refusing to respond to record-low mortgage loan rates, S&P/Case-Shiller housing market data shows.
Year-on-year prices were down 3.8% in the Case-Shiller 20-city survey, and down 0.8% for the month .
However, on a seasonally adjusted basis they were unchanged.
Three of the 20 cities showed month-on-month gains - Washington, the strongest market since the 2006-7 crash; Phoenix and Miami.
The pace of price drops was the same as the last quarter of 2011, another sign that the Federal Reserve's efforts to cut interest rates to spur the property market has yet to engineer a turnaround.
"Despite some positive economic signs, home prices continued to drop," S&P's David Blitzer said in a statement.
"Atlanta continues to stand out in terms of recent relative weakness. It was down 2.1% over the month, and has fallen by a cumulative 19.7% over the last six months," he added.
