The Feb S&P/Case-Shiller home price index is back at the low of the cycle reached in Apr ’09 which is the lowest since 2003. It’s down 3.33% y/o/y, about in line with expectations and of the 20 cities surveyed, 19 saw priced declines with the capital of central planning, Washington, DC seeing the only rise, that of 2.7% y/o/y. Phoenix again led the fall and homes there are now the cheapest since 2000. Bottom line, housing prices have double dipped and the only question is whether it breaks to new lows, which is likely and has further implications for bank balance sheets which do not reflect that assumption.