See NY Times, Wednesday, Dec. 1, 2010, pg B11.
The Standard & Poor’s Case-Schiller 20-city home price index released 11/30/10 fell 0.7% September 2010 compared to August. 18 of 20 cities reported declines. Cleveland was the worst with a 3% decline.
Annualized, the rate of decline would seem to approach over 8.4%.
The Case-Schiller home price index is 28.6% off of its July 2006 peak.