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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Of the 20 cities surveyed in the Case-Shiller index, las Vegas had the worst annual decline, with values dropping 28.6 percent in the last year.

在对于20个城市的住房价格指数调查中，拉斯维加斯年度下跌最多，在去年一年中价值下跌28.6%。

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The Case-Shiller index may have risen in May but it remained 17.1% lower than a year earlier, when prices had already been falling for almost a year.

更不用提达到峰值了五月份，Case - shiller指数也许已经上升，但是同一年前相比，仍然低17.1个百分点。在近一年的时间里，价格不断下跌。

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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

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 peak--this is the Case-Shiller ten-city index.

这是"科斯-席勒"10城市房价指数

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