Well, it hasn't stopped falling:
From Standard and Poors, via FT Alphaville:
All three aggregate indices and 13 of the 20 metro areas are reporting new record rates of decline. Looking at the returns of the U.S. National Index, prices are back to where they were in early 2004. As of September 2008, the 10-City Composite is down 23.4% from its peak, the 20-City Composite is down 21.8% and the National Composite is down 21.0%."Take appropriate action," as my old boss liked to say.
Edit: Barry Ritholtz adds:
Las Vegas and Phoenix saw drops of more than 30% year over year; 29.5% drop in San Francisco and 28.4% fall in Miami led the pack of mean reverters.
Prices in New York fell 7.3% y/o/y and 5.7% in Boston. The smallest decline was in Dallas, down 2.7%.
The 30 yr FNMA mortgage rate is down now 37 bps today to 5.04% — that is the lowest since mid-September, right after the FNM/FRE conservatorship idea was floated.