US house prices are down 19 percent in nominal terms. As Keith over at Housingpanic observes, prices are down to April 2004 prices. Four years, no nominal gain, and four years of consumer price inflation. In real terms, the crash must be close to wiping out all the bubble gains.
How long will it be before the UK house price indices start to resemble the Case-Shiller index? Not long, not very long at all.