The two year long Stimulus/Federal Reserve price distortion has been exhausted.  Price declines have resumed, which otherwise would have continued uninterrupted since the Spring of 2009.  Leveraged equity losses are rapidly eroding consumer balance sheets.  The 10 City Price Index still has to decline by another 30% to get to its pre-bubble valuation (on an inflation-adjusted basis).  7 of 19 markets analyzed have already fallen below January 1997 price levels (due to market conditions), which bodes poorly for the likes of New York, San Diego, Los Angeles and Boston.  Only Washington, D.C. (Ancient Rome) bucks the trend, as taxpayer financed record spending and deficits maintain the illusion of property price stability.