Housing prices in the country’s 20 largest cities fell 19 percent between January 2008 and January 2009, according to the Case-Shiller index; New York City fell almost 10 percent in this same period. There’s no daylight that I can see in this report, said David Blitzer, chairman of S.& P.’s index committee. It is unlikely that we are anywhere near a bottom in nationwide home prices, said Joshua Shapiro, chief United States economist for MFR Inc. The only ray of light: In a few cities like Charlotte, Minneapolis, and New York, the rate of decline in January was slightly lower than the rate of decline in December.
Record Drop in Index of Home Prices [NY Times]
Graph from Seeking Alpha