S&P on Housing: 'No Sign of Bottom'

S&P on Housing: 'No Sign of Bottom'

S&P's composite month-over-month index of 10 metro areas slid 2.8% in Feb to 190.58. Annually, it declined by a record amount of 13.6%.

"There is no sign of a bottom in the numbers," David Blitzer, chairman of the index committee at S&P, said in a press release.

Even with the decline, the invetories are too high. Add foreclosures, and we have a long way to go before we can even think about the bottom.