NEW YORK | Tue Mar 27, 2012 9:41am EDT
(Reuters) – Single-family home prices were unchanged in January, a closely watched survey said on Tuesday, suggesting the battered housing market continues to crawl along the bottom.
The S&P/Case-Shiller composite index of 20 metropolitan areas was flat in January on a seasonally adjusted basis. A Reuters poll of economists forecast a decline of 0.2 percent after December’s 0.5 percent drop.
The flat reading broke a five-month string of declines as the market has been pressured by a low demand, distressed sales and an overhang of pending foreclosures.
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