Below is a chart of the most recent Case-Shiller numbers. This index is used to power the CME residential real estate derivatives. According to the index, Atlanta has a positive change, which probably would not be the case if investor properties, flips, and condos were included. Charlotte and Denver I hear are not being hit that hard, so they may be positive. The problem is by excluding new construction/investor properties/flips/condos in Vegas, LA, Miami and DC, this index is conveying a very distorted picture. Click here to read up on how the most popularly quoted index in the media is significantly distorting the perception of the downturn in the residential real estate market, then read "Dangerous Times: Where are the Experts? " to see how rampant this was during the last big downturn. Then finally, if you haven't already done so, glance at "It's approaching "Do or Die" time for the homebuilders - Will desperation tank the US real estate market?" But before you do that, peruse the pretty pics below.