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Home prices in the U.S. dropped for the fifth straight month in January, according to .

Home prices were already reportedly at their lowest point since mid-2006 in December, and in January the 10-city and 20-city composites both dropped another 0.8 percent over the month. On a yearly basis, 16 of the 20 cities surveyed saw prices decline with Atlanta (-14.8 percent), Las Vegas (-9 percent) and Chicago (-6.6 percent) leading the charge. The index omitted Charlotte, N.C., because of a delay in data reporting.

In Portland, home prices dropped 4.3 percent from a year ago and 2.1 percent from December. Overall, prices declined 3.9 percent and 3.8 percent for the 10-city and 20-city composites over the year.

Not helping matters is a sizable inventory of foreclosed and distressed homes in the market.

According to CoreLogic, a financial data and analytics provider out of Santa Ana, Calif., the foreclosure rate in the Portland, Vancouver, Wash., and Hillsboro area was steady at 2.3 (the same rate as a year ago) in January, while delinquent properties more than 90 days past due in payment increased 0.2 percent over the year to 5.5 percent.

That’s a gloomy picture, but a bright spot may be on the horizon.

According to the most recent Portland-metro market report from the Regional Multiple Listings Service, the average sales price in Portland was up 4.3 percent from February 2011 and grew 2.4 percent to $255,100 from January to February. The median sales price, while down from a year ago, was also up 1.7 percent in February at $211,000.