The S&P/Case-Shiller 20 Home Price Composite Index fell 1.9% nationwide during February and the decline lowered prices by 18.6% during the last twelve months and by 29.9% since their peak in May 2006.
In the Puget Sound Region, prices fell 1.27% from January. This decline lowered prices by 19% during the last twelve months locally. It also marks a decline of 31.1% since their peak in June 2006. According to the index, a Seattle area home is now valued at September of 2003 prices.
This stopped a 2-3 % monthly decline and points to what I believe will be the bottom of the market starting in May.
If you would like a simple spreadsheet to calculate home values based on previous sales, just send me an e-mail.