According to Case-Shiller, home prices dropped -19.1% in the first quarter and are now down -32.2% since peaking in the second quarter of 2006.

While we can debate the accuracy in terms of the percentage changewith the Case-Shiller index as there are a couple of other indexes that track home values with varrying percentage declines, the on thing that is not up for debate is the trend that the housing market is still in a free fall in terms of home values. 

The NAR data also points to continued and precipitous home value declines.

Now while this data is concerning, keep in mind that appreciation is a trailing indicator as it indicates what happened last year and is not an accurate or reliable indicator of what is going to happen in the future.  However, what is alarmingis that based on the month's supply of housing, the leading indicator of future home values, the housing market is not any better today than it was last year.

Despite broad foreclosure moratoriums, historically low mortgage rates, a first time home buyer tax credit, and government sponsored loan modifications programs, in March of 2009, according to the NAR, there was still a 9.8 month supply of housing compared to a 10 month supply of housing in March of 2008.

What this means is that in the absence of a real housing stimulus plan we will continue to see significant home value declines for an extended period of time.  In fact, based on a lot of evidence, we are only in the eye of the storm right now.