Case Shiller is the leading expert in tracking home prices in the major US metro areas. What is interesting is the 40% swing from the "bubble" peak to the "bottom" in 2009. Where was the media in covering the rebound of housing prices? Nationally, the price indices had a sharp rebound in late 2009 - late 2010. If you compare this trend to the GDP, it mirrors economic improvement and consumer confidence. This didn't last long!!

If you look carefully, you see the trend lines starting to turn as the economy again showed some strength in the 4th quarter of 2011. We are now at a significant tipping point.

However, remember this is a composite of 20 and 10 cities, each market has it's own unique characteristics.  In Charlotte, the lack of supply is starting to influence prices. The roller coaster ride continues.