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The lastest S&P/Case-Shiller Home Price Index numbers suggest, every so slightly, that the worse of the housing slump may be behind us.
The two indices, which include 20 cities and 30 cities, were both down 18% year-over-year in February. That was a slight improvement over January when both set new record, being down 19%. This was the first time in 16 months that the indices failed to post new record declines.
Overall the data shows home prices are back to their 2003 levels. Phoenix, Las Vegas and San Francisco remain the hardest hit. Dallas, Denver and Boston are holding up the best, although all were still down.
The Booby Prize winner? Phoenix, which has seen its average home price fall 50% since the peak in June 2006.