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'Cause This is Shiller, Shiller Night

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The February Case-Shiller Home Price Index numbers? Still not looking good. The index dropped 0.4 percent for New York since January and 4.1 percent year-over-year. But the Case-Shiller committee is telling people not to pay attention to the seasonally adjusted numbers this time around, because distressed sales are skewing the index formula. And there's the fact that it doesn't track new development, co-op, or condo sales in the first place. [WSJ; previously]