Where are you Housing Recovery?

Case Shiller's Top 20 City index composite is at its lowest since 2003.

After all those moratoriums, first-time buyer tax credits, multiple-time buyer tax credits, artificially low long-term rates, zero short-term rates, refinancing and principal reduction pushes from the govt, and on and on... we're back to 2003 prices.

I guess the good news is: without all that, prices would've crashed even further. Because, price stability is the most important thing, even with tax payers on the hook for hundreds of billions of dollars, right?

Case Shiller 2000-2011:

Source: http://www.zerohedge.com/news/5th-consecutive-month-house-price-drops-case-shiller-misses-expectations-again

Case Shiller 2007-2011 with Month-over-Month Changes:

Source: http://www.zerohedge.com/news/no-housing-bottom-home-prices-decline-7th-consecutive-month-lowest-2003

Lee Adler (argues Case Shiller is wrong but from a just-looking-at-trends perspective, looks just like Case Shiller):

Source: http://www.zerohedge.com/contributed/trouble-case-shiller-again