Newspaper headlines earlier this week reported a dramatic 19 percent decline in housing prices based on the Case-Shiller index of real-estate prices.

Stan Humphries, writing on the Zillow blog, notes that Zillow’s price index didn’t fall as much as Case-Shiller.

The difference is that Zillow’s index does not include foreclosures, but Case-Shiller does. Humphries notes that a staggering percentage of the transactions being recorded are foreclosures. In Las Vegas, 79 percent of the observations going into the Case-Shiller index are foreclosures. In Phoenix it is 68 percent. In contrast, only 11 percent of Boston transactions are foreclosures.

Source: Zillow via NY Times

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