While the declines in residential real estate continued into February, we witnessed some deceleration in the rate of decline in some of the markets.

Finally, we’re seeing a touch of moderation. This is the kind of thing one might see if we’re beginning to see a bottom. I would not run out and celebrate, but I would not dig the bunker any deeper.

You really can’t tell for sure. It’s only one month’s observation. It’s pretty slim, but it’s better than nothing.

David M. Blitzer, chairman of S.&P.’s index committee

When people looking at the index with hope or despair as to what it means for their home’s value at the present moment, it doesn’t necessarily give them that information. If the data were just February, we would have seen a much slower rate of decline.

Thomas Lawler, former FNMA economist, on the impact of the survey’s methodology on the index value. Because it represents a three-month trailing average, it may have been weighed down by depressed sales in December and January.