Allen Brothers Houston Real Estate

Seven consecutive months of falling housing prices were reported in the Case-Chiller index report, through February. A bottom may finally be approaching - the second since 2009. That was when a long slide that began in 2007 finally bottomed out, rose again, and then began to go down again.

This 20-city index is down 32.6 percent from its peak. 10 metro areas reported new lows on the index for the third month in a row: Atlanta, Charlotte, Chicago, Las Vegas, Miami, New York, Phoenix, Portland (Oregon), Seattle and Tampa. Only Detroit saw prices rise, but saw a bottom the previous month. These prices were below 2000 levels.

Some houses could be overvalued in some markets, but enormous oversupply and ensuing foreclosures will continue to put pressure on housing prices for some time to come, according to Joshua Shapiro, chief US economist for MFR Inc.