The National Index, which is released quarterly and covers a broader area than the monthly 20- and 10-city indexes, posted a 19% drop in the first quarter from a year earlier and a 7.5% decline from the fourth quarter.
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New York still is up 73.4% from January 2000, though down 19.7% from its June 2006 peak. The Detroit index is 29% lower than in January 2000. Detroit home prices are back to their mid-1995 levels.

Phoenix, Las Vegas and San Francisco continued to lead year-over-year decliners, with drops over 30%. Minneapolis led month-to-month decliners, as the rate of decline accelerated there. The rates of decline also accelerated in Boston, Detroit, Las Vegas, Miami, New York, Portland, San Diego and Seattle.

Dallas, Denver, Cleveland, Boston and Charlotte managed to avoid double-digit year-over-year declines. Measuring from each market’s peak, Dallas has suffered the least, down 11.1% from its peak in June 2007; while Phoenix is down 53% from its peak in June of 2006. All of the 20 metro areas are in double digit declines from their peaks, with two — Phoenix and Las Vegas — in excess of 50%.