THE CASE SCHILLER INDEX

Underscoring the widespread weakness in the U.S. housing market, home prices in 20 major cities dropped 2.5% in December from the prior month and were down a record 18.5% from the final month of 2007, according to the Case-Shiller home price index published Tuesday by Standard & Poor’s.

Years of appreciation have been wiped out, with average home prices standing back at levels similar to those seen late in 2003

How far are we from the bottom ?

As we can see in the graphics above, prices still far away from long term average prices !!!