U.S. home prices saw continued broad based declines in the month of February, according to a report released by Standard and Poor's on Tuesday, although the annual rate of decline in prices did not set a new record for the first time in sixteen months.

The report showed that the S&P/Case-Shiller 20-City Composite Home Price Index fell at an annual rate of 18.6 percent in February, a modest deceleration from the 19.0 percent drop in prices that was reported for January.

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