Numbers Don't Lie? - S&P Case-Shiller vs FHFA Home Price Index

This month I received both the S&P Case-Shiller and the FHFA Home Price Index reports.  I glanced through them as always, and again felt like I was looking at data on two different countries.  There are very distinct differences in how these two indexes gather data and how they use it.  But, I still felt like there should be some agreement between the two about how prices are tracking.  So, I took the data each presented for the last year.  As the FHFA covers a whole lot more ground, 13 more states and many more cities, I just compared the 20 Metropolitan Areas that Case-Shiller tracks, plus the national composite.

Click on the chart image for a larger version.  The red for negative price over the last year is a pretty dramatic illustration of the different results.  I intend to continue to put more stock in the FHFA Index, even though it's more depressing.