The inspiration for the chart above (click to enlarge) comes from the Seattle Bubble Blog.. The chart shows the total decline in value from peak pricing in all of the 20 Case Shiller markets plus I've added Vancouver using the REBGV Benchmark House Price Index. I have started all the markets at 100 at their peak month so all the markets start out at the same spot.
Vancouver's real estate prices are falling faster than any US market 7 months into our correction and it sure seems like that won't be changing anytime soon with nearly 20 months of inventoryin the REBGV area as of December 31st, 2008.
Miami, Phoenix, Los Angeles, San Diego, San Francisco, Detroit and Las Vegas are the biggest decliners to date with total declines in the range of 35 - 40% off peak pricing 2 years into the correction. I am optimistic that we may see a bottom forming in some markets late in 2009 but more likely early 2010 in the US. Affordability has been restored in many places so it is realistic to suggest that we could see some stabalization.