How about "what is the size of price declines from the top so far?"
We obtained a report from Tradition Financial Services, Inc.
that definitely deserves some attention. The firm located high points in each major market and then calculated just how far prices have fallen since then.
click for larger version
It can depend on the measure you use, of course -- both the Case-Shiller and Radar Logic RPX are used to settle futures trades -- but regardless, the declines are stunning in the aggregate sense.
San Diego, for example, peaked in November 2005. It's now off 21.13 percent on the Case-Shiller and 24.66 percent on the RPX. Miami peaked in December 2006 and is now down 19.75 percent (on a Case-Shiller basis). Detroit. Los Angeles. Denver. Jacksonville. Portland. Seattle.
On a peak measurement basis, every housing market in the nation as measured by the Case-Shiller and Radar Logic indices has lost money from the top. Every single one.
See the full report here