"U.S. home prices dropped at the sharpest rate in two decades during the first quarter, a closely watched index showed Tuesday, a somber indication that the housing slump continues to deepen.
Standard & Poor's/Case-Shiller said its national home price index fell 14.1 percent in the first quarter compared with a year earlier, the lowest since its inception in 1988. The quarterly index covers all nine U.S. Census divisions.
Prices nationwide are at levels not seen since the third quarter of 2004, according to Maureen Maitland, a S&P vice president. However, the index is still up 60 percent versus 2000."
http://abcnews.go.com/Business/Economy/story?id=4937414
So this has a good side and a bad side to it. The good side is for the rich people. The saying is true, "as the rich get richer, the poor get poorer." Rich people will be able to go out and buy many houses as investments and just watch the prices rise in the future. The bad side is that the poor people are going to be hit hard. Our economy may go to hell because of this.
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