The end of the government’s tax incentives and ongoing foreclosures are contributing factors. The index is now back at 2003 levels. Prices in the ten big cities are 2.6% higher on a quarterly basis than a year ago, but the same downwards trend is evident there too. Indeed the broader 20-city gauge, which began in 2000 and is not shown here, rose by only 1.8% on a year earlier.
The above graph says it all.
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