Case Shiller Index - Jan 2009

The Case Shiller Index declined by another 2.8% in Jan 2009. This represents the steepest sequential decline since the index began to turn negative in July 2006. From the peak, the index is now down 29.1%, with some of the worst regions down in excess of 40% (see below). Directionally, it is pretty frightening even if one disputes the methodology (which admittedly is somewhat flawed).