Housing prices fell 3.9% in fourth quarter alone as housing continues its long decline

Case Shiller is reporting declining home prices.  Detroit, Phoenix and Georgia are reporting the largest pricing declines as housing just can't stabilize in spite of all the actions from the Federal Reserve.  Don't get me wrong, what the Fed is doing is having an effect, but just not as large as it would have been.  And, once that support is taken away, get ready for more housing pain.  Via S&P:
the U.S.National Home Price Index declined by 3.9% during the fourth quarter of 2010. The National Index is down 4.1% versus the fourth quarter of 2009, which is the lowest annual growth rate since the third quarter of 2009, when prices were falling at an 8.6% annual rate. As of December 2010, 18 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were down compared to December 2009. Both Los Angeles and San Francisco reported negative annual rates of return in December, leaving San Diego and Washington DC as the only two cities where home prices are increasing on a year-over-year basis, +1.7% and +4.1%, respectively.
Full Regional Data

AZ-Phoenix -8.38% 
CA-Los Angeles -0.26%
CA-San Diego 1.70%
CA-San Francisco -0.43%
CO-Denver -2.41%
DC-Washington 4.11%
FL-Miami -3.75%
FL-Tampa -6.19%
GA-Atlanta -8.00% 
IL-Chicago -7.40%
MA-Boston -0.82%
MI-Detroit -9.15% 
MN-Minneapolis -5.30%
NC-Charlotte -4.41%
NV-Las Vegas -4.75%
NY-New York -2.30%
OH-Cleveland -3.95%
OR-Portland -7.83% 
TX-Dallas -3.52%
WA-Seattle -5.98%
Composite-10 -1.22%
Composite-20 -2.40%

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