This is a backward looking indicator. Will be interesting to see how 1) lowering of conforming and FHA loan limits 2) possible credit downgrade of the US and 3) stricter mortgage rules coming from the Frank-Dodd bill.
Home prices in the United States edged up a slight 0.7% between May and June, making it the third consecutive month-over-month jump in prices. However the value of homes in some core areas saw heavy declines.
Prices fell 6.8% over year ago levels, according to CoreLogic's June Home Price Index.
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Single family homes in Chicago declined the greatest, showing a 13.4% dip. Phoenix also saw a whopping 11.4% decline. All other markets on the downswing show a single digit decline (see chart below).