Home price declines: Las Vegas and Phoenix close to the bottom; New York and Seattle still near the top

By my estimates, the decline in U.S. home prices is about two-thirds of the way down to pre-bubble levels (adjusted for inflation). However, there is a lot of variation in different parts of the U.S.

According to the S&P/Case-Shiller Home Price Indices, Las Vegas and Phoenix home prices are all the way back down to pre-bubble levels:



Meanwhile, New York and Seattle home prices still have a very long way to fall:



As for the Washington, D.C. area, it is falling at a slightly slower rate than the national average, and is only down about half way.