The February Case-Shiller home price indices were released today. The 20-city composite fell 1.1% for the month and is down 3.3% over the last twelve months. Home prices are now back at their April 2009 lows. The average home price is no higher than it was in 2003—that’s 8 years without a gain in most Americans’ largest investment. In inflation adjusted terms, home prices are no higher than they were in 2000.

Since the Case-Shiller 20-city composite peaked in July of 2006, the worst performing markets are Last Vegas (-57%), Phoenix (-54%), Miami (-50%), and Tampa (-45%). Those markets that held up the best are Dallas (-5%), Denver (-10%), and Charlotte (-11%). The cumulative performance from the July 2006 peak in the 20-city composite is included in the chart below.