The Standard & Poor’s Case-Shiller Home Price Index indicates that there continues to be broad declines in the price of existing homes. Prices are down over 18 percent.

"While the declines in residential real estate continued into February, we witnessed some deceleration in the rate of decline in some of the markets," says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “All 20 metro areas recorded a monthly decline in February, but 16 of the 20 metro areas saw an improvement in their monthly returns compared to January."

This is welcome news, however, the burning question remains. Are we at the bottom of the market for home prices yet?

In a New York Times report, Joshua Shapiro, chief United States economist at MFR, is quoted as noting, "It is unlikely that we are anywhere near a bottom in nationwide home prices."