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Housing double dipping

The graphs speak of a thousand words.

Housing index:
http://www-ac.northerntrust.com/content/media/attachment/data/pasted_image/1105/document/bkh1_31153303_14370566.jpg

annual change:
http://www-ac.northerntrust.com/content/media/attachment/data/pasted_image/1105/document/bkh1_31153451_14370566.jpg

(graph courtesy of Northern Trust)

The Fed prevented a deep fall, but Bernanke's Fed has been helpless with the recovery.  QE3?