U.S. home prices continued their multiyear slide in February, according to the S&P/Case-Shiller home-price indexes, but they did stop their 16-month streak of record declines.

Separately, U.S. consumers’ assessment of the economy rose to its highest point of the year in April as households began to see an end to the recession loom into view.

Fifteen of 20 major metropolitan areas posted price declines of more than 10% from a year earlier with the U.S. Sun Belt continuing to be hit hardest. Nationally, home prices are at levels similar to the third quarter of 2003.

As of February, the 10-city index is down 32% from its mid-2006 peak and the 20-city is down 31%. The two indexes have fallen every month since August 2006, 31 straight.

The indexes showed prices in 10 major metropolitan areas fell 19% in February from a year earlier and 2.1% from January. In 20 major metropolitan areas, home prices also dropped 19% from the prior year and 2.2% from January.

Confidence Improves

Meanwhile, the U.S. Conference Board, a private research group, reported Tuesday that confidence levels jumped in April, rising to a reading of 39.2, from a revised 26.9 in March. The reading was well above the 29.0 expected by economists, and was the best showing since November.

In the report, the present situation index marked a modest gain to 23.7, from March’s 21.9, but the expectations index surged to its best reading since September, at 49.5 in April, from 30.2 last month.

The expectations index is now back at levels seen at the time of Wall Street investment bank Lehman Brothers’ collapse last September.

IE