The S&P/Case-Shiller index methodology states:

The S&P/Case-Shiller indices do not sample sale prices associated with new construction, condominiums, co-ops/apartments, multi-family dwellings, or other properties that cannot be identified as single-family

Since 99% of all home sales in Manhattan are ” new construction, condominums, co-ops/apartments, multi-family dwellings”  the Index has no relevancy here.

Dr. Shiller in his June 6th article published in The New York Times reported:

HOME prices in the United States have been falling for nearly three years, and the decline may well continue for some time.

Nowhere in the article did he discuss or give a footnote on the methodology used or the property types included and,  with regard to Manhattan real estate, property types excluded.

No disclaimers or discussion of properties included or excluded on this  Bloomberg TV’s doom and gloom video report .