Without a doubt, the most important chart missing is the distress sale vs. non-distress sale chart. That would tell the whole story in my opinion. The numbers given are for all sales. I think a more specific breakdown of the kind of sales would be more fitting. I would like to know how many of the sales are from the auction at foreclosure, how many are REO's, short sales, resales, and new home sales.

Also, does the data include a sale when the bank buys the property back at auction? I would have to think it does reason being if a private person bought a home at auction it would be recorded as a sale, no? Why would it be any different at the auction if the lender buys it back? Wouldn't title go to the lender, as it would for a private individual buying at the auction? If that is the case, and the bank buys it back and sells as an REO, would that be counted as a sale twice? Are the numbers skewed from double dipping sales on the same house?

Either way, I think home prices still have another 20% to 30% to fall. As more foreclosures go on the market, prices will have to drop. When the tax credit and Fed MBS purchase program expire, purchases will plummet. I think you will see units sold go down to the 20k range as in '08 before the subsidies. The only way to increase demand will be for prices to fall. Supply and demand works in every economy, but with stimulus, the balance is not in equilibrium. The demand is artificially high and will come back down.

You also can't discount the fact that the foreclosure process often takes about a year. Many homes have been held off the market. We will see the shadow inventory hit this spring and summer. Supply of homes will go up and potential buyers will go down as the subsidies expire.

Good chart suggestion, Frank. Another reader asked me by email for a foreclosure chart, so I'll be doing that next week, but that measures something different than distress vs. non-distress. The multiple-listing service has unfortunately only been tracking that in recent months, but I would be interested in seeing a chart with that breakdown.

To answer your question: These charts above shouldn't include any foreclosure auction numbers -- or any type of auction sale, except perhaps when sellers decide to concurrently go on the multiple list and schedule an auction. The charts only represent sales of homes on the multiple list.

My favorite chart is here, it shows a longer time frame from 1978!
http://mysite.verizon.net/vzeqrguz/housingbubble/baltimore.html

This shows that if the long term trend continuous, the median housing value will settle around 225k, somewhere out in 2015! Anyone want to put down 5 bucks?

The first chart is missing the pictures of Obama, Geitner, and Bernanke holding up the price curves ( along the lines of Atlas, only these cruves are even heavier than the earth), and also missing Little Debbie cheering them on....

Other charts that I think are important:
A historical chart of the 30 year fixed mortgage interest rate
A historical chart of the average household income in the area

... continually amazed by populist misunderstanding of finance...

we are all missing the CLEAREST EVIDENCE: The christian rapture will cause cataclysmic doom on the housing market this year as the deity descends from the air to lift the loyal remnant from our sinful planet. Mother earth will then be impregnated with vice and mayhem. Baltimore will be turned into a post-apocalyptic wasteland; disheveled urchins will roam the streets with shotguns. This will reduce property values.

How do I know that the christian rapture will happen this year? You must be an idiot if you don't see it happening!

As I have said, we are on a downward curve with pricing, inflation will hit 100% and mortgage rates will be 50%. When you have 100% inflation (i.e. things go up in value), houses must go down. Everything is simple and exceedingly clear and I read this on Mr. Palin's Facebook page and my mortgage broker told me so.

By guns, gold, and move to Greenland.

"Little Debbie", you are hilarious. I needed a good laugh.

we get vice and mayhem? cool

Debbie is quite funny.

I am not certain I understand the post by semiconscious. The median sale price in Baltimore County is at $225K for the year 2009, and the Region is at $241K. Are you talking about the Regional sale price, which includes Baltimore City and the five surrounding counties?