The Case-Shiller Home Price Indices are showing record rates of annual decline throught the end of January 2009 compared with the same period a year earlier.  The 20-City Composite showed an annual decline of 19.0% in home values.  The data now shows that the Home Price Indices are back to their late-2003 levels.

The NY Metro area was among the best performing areas in the survey.  In the period from December 2008 to January 2009, prices fell 1.9%.  The worst are was Phoenix where prices fell 5.5% in that one month!  In the last year, NY Metro prices were down 9.6% and in Phoenix prices were down 35.0%.

Hold on to your hats!

See it all the details on my webpage.