by Calculated Risk on 2/26/2008 09:27:00 AM

S&P Case-Shiller reported that house prices fell sharply in Q4 2007.

Click on graph for larger image.

The first graph shows the Case-Shiller index since 1987. The index fell to 170.64 in Q4, from 180.31 in Q3. A decline of 5.3%, or over 20% at an annual rate.

This is the lowest level for the index since Q1 2005.

The second graph shows the year-over-year change in the Case-Shiller index.

Prices fell 8.9% in 2007 according to Case-Shiller.

The index is off 10.2% from the peak.