Home prices in May 2009 are at levels last seen in mid-2003 - According to Case Shiller

Home prices across the nation improved for in May but remain about 17% lower than one year ago, according to the S&P Case-Shiller Home Price Index.

Home prices in May 2009 are at levels last seen in mid-2003, "indicating that the three years of appreciation that occurred from 2003-2006 were all given back in the following three years," said a Case-Shiller press release.

Since prices peaked in Q2 2006, the 10-City Composite has fallen  33.3%!!! Yikes!

Regionally, annual price declines remain biggest in the West and the South. Home prices in Phoenix have plummeted 34.2%, while prices are down 32.0% in Las Vegas. 26.2% in San Francisco, and 25.2% in Miami. Here is the summary of results for May

As I have mentioned previously, there are close to $400,000 NOD and foreclosure filings that have not moved forward in the beginning half of 2009.  It will be interesting to see what happens if and when these properties hit the market.