How have home prices fared during the last administration? Here are the Top 10 cities (and the only cities) with an increase in their Case-Shiller Index between January, 2009, and August, 2012:

With all the hub-bub about the 20% increase in the Phoenix median price this year, they must be coming from a long way back….or tracking the median price isn’t as accurate as the C-S Index?

Or could it be that because the Case-Shiller Index excludes repeat sales within six months (flips), it is missing some of the big pops of appreciation that flippers are enjoying these days?