Las Vegas, Miami and Phoenix all saw prices plummet by at least 20%. And so far, there is no sign of a bottom
link has list of markets and average price decline.
It appears the speed of these declines is the issue:
"This is huge," said Dean Baker, an economist with the Economic Policy Institute. "Back a couple of years ago, people were saying, 'Housing prices are not like stocks; they change slowly,'" he said.
But the drop in home prices appears to be accelerating. Indeed, Baker said that at the rate prices are falling, as much as $6 trillion in home values could be wiped out from the top of the market in June, 2006, through the end of this year