National real estate prices have corrected back to first quarter 2003 levels and could wind up near third quarter 2002 prices, according to estimates from John Burns Real Estate Consulting. These prices are a 5 percent correction from the S&P Case-Shiller Home Price Index.
However, the prices vary markedly from city to city. Bubble markets such as Phoenix and Las Vegas are back to 2000-2001 median prices. But metro areas that were late to the downturn, such as Houston and Seattle, are still at 2006 prices and could tumble even further.
