Case Shiller Home Price Index Down 3.2% in Second Quarter, At 2003 Levels Nationally

Yale's Robert Shiller still sees uncertainty with home prices. was on BloombergTV see the video below. From S&P press release on May 25, 2010:
"New York, May 25, 2010 – Data through March 2010, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index fell 3.2% in the first quarter of 2010, but remains above its year-earlier level. In March, 13 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were down although the two composites and 10 MSAs showed year-over-year gains. Housing prices rebounded from crisis lows, but recently have seen renewed weakness as tax incentives are ending and foreclosures are climbing."
Below is the S&P/Case-Shiller US National Home Price Index chart from the report, including the index level and % annual change.  You can see double dip in home prices (look at solid line).  The chart says home prices are back to Spring 2003 levels. Weakness was expected, see DVs most recent housing posts w/Meredith Whitney and builder confidence charts.  Second and third quarter prices will be interesting to watch.  Also check out the "key housing indicators" pdf report at Standard & Poor's.

Source: S&P