Home prices declined 1.6% from from January to February on a seasonally-adjusted basis, according to the most recent monthly data from the Federal Housing Finance Agency’s Home Price Index.

For the 12-month period ending February, 2011, prices fell 5.7%, according to the FHFA data, which is based on the home prices of Fannie Mae- and Freddie Mac-backed mortgages. The current index is 18.6% below its April 2007 peak and aligns roughly with its February 2004 level.

Regionally, the Mountain Division saw the greatest decline month-over-month at 3.7%, while the smallest loss was seen in the East South Central Division, where prices declined 0.6%.

View the FHFA report.

Written by Elizabeth Ecker