The Case-Shiller house price index fell by 0.6% on a non-seasonally adjusted basis in April – and by 0.9% on a seasonally adjusted basis – which suggests that the second derivative of house prices is improving.Calculated Risk has everything you need to know about this, including a reference to a statement by Prof. Shiller, who says that the situation may be slowing improving, and a good discussion about the tail-end of a housing bust, which consists of a long series of small price declines. The overall conclusion is that the decline in US house prices still has further to go.

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