The Case-Shiller Home Price Index data released this week showed housing prices closing back in on the lows of April 2009.  Here's a look at how prices have trended since 1988:

From the S&P/ Case-Shiller release:

The chart above depicts the annual returns of the 10-City and the 20-City Composite Home Price Indices. In February 2011, the 10-City and 20-City Composites recorded annual returns of -2.6% and -3.3%, respectively. On a month-over-month basis, the 10- and 20-City Composites were both down 1.1% in February versus January. San Diego, which had posted 15 consecutive months of positive annual rates ended its run with a -1.8% annual rate of change in February 2011. Washington DC has assumed that status, with 15 consecutive months of positive annual growth rates beginning in December 2009 through February 2011. Twelve of the 20 MSAs and both Composites fared worse in terms of annual growth rates in February compared to January. Atlanta, Cleveland, Dallas, Detroit, Phoenix, Portland (OR) and Washington D.C. saw improvements in their annual rates of return in February versus January; New York was unchanged.

For another way to look at housing prices we turn to Catherine Mulbrandon.  At Visualizing Economics, she shares this:

The regional story is an important one here, and these maps provide some key context for viewing the longer term trend in housing prices.  Click here for a larger map and for Mulbrandon's analysis.