Secondly property values are reported to be down in value because of the median sales price. The much discussed Case-Schiller Housing Index does not place a relationship of sales price to the size of the home.

Now many economists and bloggers will state that there is no relevance in Sales Price to Square Footage. To this we state that there clearly is. Square Footage does matter! In studies we are just completing, 15 of 20 major metro areas have experienced a decline in sales price compared to last year and to 2006. But the properties being sold are also smaller and by as much as 15% to 20%.

So what is the real decline in housing values and what is the real erosion of the under lying housing market. Well it depends if you do the research or if you are an investor looking to snap up properties at bargain basement prices because incorrect information is being fed to the masses.

Conducting comprehensive research takes time and money, but many of the comments I read just rip into the process, as opposed to trying to understand the process. The markets are in flux and need some clear direction, but if we continue to post inaccurate information we will not see a housing recovery take foot for months.