Various interpretations are being put on the Case-Shiller numbers for August:

Bloomberg: Home Prices Fall More Than Forecast

CNBC: Home Prices Stabilize But Recovery On Hold

MoneyCNN: Home Prices Rise For Fifth Straight Month

Calculated Risk: Home Prices Increased Seasonally

The SA number for San Diego was -0.4% in August vs. July, and Y-O-Y it has changed -5.6%.  Here is the local trend:

^[1]

It’s annoying when virtually everyone from David Blitzer to the analysts throughout the mainstream media insist on saying the home prices went up or down.  To be accurate, the index went up or down, which is full of weighted data!