by Calculated Risk on 12/21/2009 04:53:00 PM

The Fed's favorite house price indicator from First American CoreLogic’s LoanPerformance ...

From LoanPerformance: Annual Home Prices Continue to Depreciate

On a month-over-month basis ... national home prices declined by -0.7 percent in October 2009 compared to September 2009.
...
"We are continuing to see improvements in the year-over-year home price change as prices have remained relatively stable since April," said Mark Fleming, chief economist for First American CoreLogic. "The crutches of government support for the housing market have stimulated demand and restricted supply in 2009. How these government supports are removed in 2010 will be critical to the continued stability of the housing market."

Prices are now falling again. It might take a month or two for this to show up in the Case-Shiller index because it is an average over three months.

Click on graph for larger image in new window.

This graph shows the national LoanPerformance data since 1976. January 2000 = 100.

The index is off 7.9% over the last year, and off 30.1% from the peak.

The index has declined for two consecutive months (-0.16% in September and -0.68% in October). I'll have some comparisons to Case-Shiller later, but it appears house prices are now falling again.