Ouch. The peak-to-trough decline in the Case Shiller 10-city index is 25 percent. The 20-city index is down 23 percent. And my guy Mike Darda doesn't seen any light at the end of the housing tunnel:
While housing affordability has turned up, housing inventories are still in the stratosphere. Also working against the recovery in affordability is a deteriorating labor market, tight lending standards, high household debt ratios, and a raft of Alt-A and Option ARM re-sets in 2009-2011. None of this adds up to a recovery in prices anytime soon.