Home prices in 20 U.S. cities fell a record 19% in January from a year earlier... more than forecast and more than the 18.6% drop in December.

All 20 cities showed year over year declines, led by a 35% drop in Phoenix and a 32.5% decline in Las Vegas.

"There are very few bright spots that one can see in the data. Most of the nation appears to remain on a downward path," said David Blitzer, chairman of the index committee at Standard & Poor's.

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