Case-Shiller Home Price Index

Case-Shiller Home Price indices:

"The S&P/Case-Shiller Home Price Indices measures the residential housing market, tracking changes in the value of the residential real estate market in 20 metropolitan regions across the United States. These indices use the repeat sales pricing technique to measure housing markets. First developed by Karl Case and Robert Shiller, this methodology collects data on single-family home re-sales, capturing re-sold sale prices to form sale pairs. This index family consists of 20 regional indices and two composite indices as aggregates of the regions."
from StandardAndPoors.com

Residential home prices continue to fall that current trend has been projected it out to July 09 on the graph below.  Using the 20 city index and tracking it back, the projected July 09 index will be the same as the July 02 index.  From this the argument could be made that your property's current value may be close to its value in 02.

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