by Calculated Risk on 5/27/2008 09:05:00 AM

S&P Case-Shiller reported that house prices fell sharply in Q1 2008.

Click on graph for larger image.

The first graph shows the Case-Shiller index since 1987. The index fell to 159.18 in Q1 2008, from 170.62 in Q4. A decline of 6.7%, or almost 30% at an annual rate.

This is the lowest level for the index since Q3 2004.

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

Prices fell 14.1% over the last four quarters according to Case-Shiller.

The index is off 16.2% from the peak.