Home prices were down again in 2010. The decline is 5.46% or 2.31%, depending upon which metric you think is appropriate.
During the same period, the S&P 500 was up 12.78%. So we see that 2010 was a good year for stocks, but a not-so-good year for houses. This is because 2010 was a good year for the rich but a not-so-good year for the middle class. When the rich have extra money, they don’t use it to buy middle class houses, they invest it in the stock market.
Home prices were actually up in New York (where a lot of rich people live), but home prices in Idahao were down a whopping 14.61% or 10.41%, depending upon the metric.