What does this mean? The Case Shiller 10-city index looks at home prices by tracking home values not home sales to come up with their index. Some consider it a more accurate measurement of the housing market. The ten cities that make up the 25% loss are some of the most depressed in the country. That's why the bad headline.The Seattle market is down a modest 10.2 percent for the year. Overall, this puts prices back to March of 2004.
I see this index bottoming out mid 2009 which would put prices down another 1-2% before prices level out and later start to rebound.
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