So, this latest drop is in just a 3 month period. But the regional differences are staggering.

In Fort Myers Florida, prices are down 59.1%. Akron Ohio, down 48%. San Francisco and San Jose are down 42%. Miami Florida is down 35% and Los Angeles is down 34%.

Much of this corresponds to foreclosure rates.

You might also be interested in this tidbit on geographic immigrant areas (read illegals) have a much higher foreclosure rate:

in 2008 foreclosure rates across the nation’s 3,141 counties and the role of demography in explaining those differences. The analysis finds that counties with higher shares of immigrant residents than the average county had elevated rates of foreclosure.

It is estimated that of two counties with similar economic and demographic characteristics, the one whose immigrant share of the population is 10 percentage points higher than the other has a foreclosure rate that is 0.6
percentage points higher

The report of course does not distinguish between illegal and legal immigration but check out their demographic maps. The Pew Hispanic research center is trying to dance around the obvious, where the politically correct (their definition) trumps objective analysis.