Case-Shiller and Commerce Department reports in sync:

Property values fell 6.1 percent from October 2006, more than forecast, after dropping 4.9 percent in September, according to the S&P/Case-Shiller home-price index. The decrease was the biggest since the group started keeping year-over-year records in 2001. The index has fallen every month this year…

Figures this week from the Commerce Department may show new homes sold at an annual rate of 718,000 in November, down from October’s 728,000 rate, based on the median estimate of economists surveyed by Bloomberg News.

My guess is the next National Association of Realtors propaganda release will dispute this, noting something along the lines of “homes were the most popular holiday gift this year”.

UPDATE: November fares worse.

UPDATE 2: My guess was correct - the NAR “propa-gates” - the “market is now stabilizing.”

The graph has received some criticism, but I think it’s pretty cool:

Some will look at the metros on the lower end of the scale and think all is fine and dandy, but I don’t think that is the case. Abuse at the top end has severely effected the capital markets. Those on the lower end are likely to suffer not just because capital is less accessible to all, but also because alternative capital will soon be looking for perceived bargains in those areas that experience the greatest top to trough declines (whenever those troughs begin to appear, which may take serious time).

(h/t to The Big Picture)