So much for that bottoming housing market

Home Prices in 20 US Cities Fell by a Record 19% in January

March 31 (Bloomberg) -- Home prices in 20 U.S. cities fell 19 percent in January from a year earlier, the fastest drop on record, as demand plummeted and foreclosures rose.
The S&P/Case-Shiller index’s decrease was more than forecast and compares with an 18.6 percent decrease in December.

“There are very few bright spots that one can see in the data,” David Blitzer, chairman of the index committee at S&P, said in a statement. “Most of the nation appears to remain on a downward path.”

And as the Journal aptly put it a moment ago: Tight credit and a still-bleak economic outlook amid high numbers of job cuts have added more stress to U.S. households, meaning the glut of housing remains.

Not much reason to see a bottom in what really matters - prices - as long as the above holds true. Anyone foresee looser credit, better employment numbers or lower inventories anytime soon?