Using the Case-Shiller index of prices, the market looks undervalued by almost 8%.

用Case - Shiller价格指数来分析，房地产市场看上去低估了将近了8%。

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House values in most cities fell in the year to January, according to the S&P/Case-Shiller index of prices.

根据标准普尔/凯斯-席勒住房价格指数，自去年至今年一月，大部分城市的房价都呈下跌态势。

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The S&P/Case-Shiller index, which tracks home prices in 20 cities, ticked up slightly in May, its first gain in 34 months.

跟踪20个城市的住房价格而形成的标准普尔住房价格指数在五月份略微回升，这也是34个月以来第一次房价上升。

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The Standard and Poor's/Case-Shiller Index measures home prices in twenty large American cities.

VOA: special.2011.01.24

Home prices are falling at the highest rate we've ever seen. I have my own index s Case-Shiller indexes the Standard & Poor's Case-Shiller indexes and we announced our indexes yesterday.

房价正在以我们从未见过的速度下跌,我有自己的一个指数,名字叫The，Standard&Poor’,而且昨天我们公布了我们的指数。

耶鲁公开课 - 金融市场课程节选

Here, the blue line is the Case-Shiller Home Price Index for greater Boston.

蓝色线代表,"科斯-席勒"波士顿住宅价格指数

耶鲁公开课 - 金融市场课程节选

The Case-Shiller index can sometimes overstate the magnitude of price increases because it includes foreclosures.

WSJ: Home Prices Jump 10.9%, Largest Annual Gain in 7 Years

So my guess is that Ben Bernanke is terrorized by the Case-Shiller Index.

FORBES: Ben Bernanke's Terrorist

To see why, take a look at the Case-Shiller Index for 20 United States metropolitan areas from 2000 until now.

FORBES: There Is No National Housing Market