“Wherever you look, things look bleak,” says Robert Shiller, co-creator of the S&P/Case-Shiller home-price indexes. Home prices fell 8.9% in the fourth quarter of 2007, compared with the fourth quarter of 2006.

As covered in The Digest, Miami was the hardest-hit major city, with an 18% annual decline in 2007. Las Vegas, Phoenix, and San Diego house prices all fell 15%.

Charlotte, Portland, and Seattle are the only three metro areas measured by the Case-Shiller index that still haven’t experienced year-over-year price drops.