The December Case Shiller data shows that the rate of decline in home prices is stabilizing at just under 20%. This doesn’t sound like good news, but it is. Before house price declines can start decelerating, they have to stop accelerating, and it seems we’re finally there.
Nationally, house prices are now back to late-2003 levels, down 27%-28% from the peak. They appear to be headed to a total peak-to-trough decline of at least 40%.
Here’s city by city: