Still No Sign of Recovery in Home Prices.

New York -- Housing markets nationally saw values slide during the first quarter, according to quarterly data from Standard & Poor's and Freddie Mac.

In 13 of 20 metro areas covered by the report, home values declined, according to the S&P/Case-Shiller National Home Price Index. The index declined 0.7% from the fourth quarter of 2006. It was also down 1.4% from the first quarter of last year.

The rating agency noted that the first-quarter 2007 score marked only the second time in the history of the survey when annual home price change was negative. The first time occurred in the period between 1990 and 1991.

"The fall of the national index into negative territory, after more than 15 years of positive annual growth, is a reaffirmation of the pullback in the U.S. residential real estate market," said Robert Shiller, chief economist at MacroMarkets, in a news release. "The national index was yielding solid returns as recently as a year ago."

In the first quarter of 2006, growth rates were up 11.5% from one year earlier.

He said most U.S. cities are moving "deeper into negative territory," with Detroit and San Diego - at negative 8.4% and 6%, respectively - leading the way.

The once-hot markets of Phoenix and Las Vegas had the sharpest drop from their peak. Phoenix, which had posted a 49.3% gain in home prices for September 2005, was down 3% in the first quarter of this year. Las Vegas - up 53.2% in September 2004 - was down 1.6%.