Data through June 2009 by the Case-Shiller Home Price Indices shows that the U.S. National Home Price Index improved in the second quarter of 2009, while falling year over year.
How much voluntary foreclosure moratoriums impacted pricing is an unknown in terms of degree, but they likely had a significant effect.
The chart below shows the annual returns of the U.S. National, the 10-City Composite and the 20-City Composite Home Price Indices.
Case-Shiller U.S. National Home Price Index fell Year over year 14.9% in Q2 of 2009 versus the 2nd quarter of 2008. This substantial negative annual rate of returns represents an improvement over the record decline of 19.1% reported in Q1. The 10-City and 20-City Composites recorded annual declines of 15.1% and 15.4%, respectively, an improvement over recent respective record losses of -19.4% and -19.1%.
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