Quick Takes: Home Prices drop 8.9% in 3 months

The housing bubble has firmly imploded... despite nearly 50% of Americans still believing that their home has not gone down in value. The downward spiral will continue during 2008. This period will be listed as the most catastrophic housing decline in American history, likely exceeding the period of the Great Depression. This has been the first time that the entire nation has experienced a real estate bubble. All speculative bubble events eventually end in a similar painful manner, whether it be with tulips, stocks, precious metals, or homes.

"U.S. home prices lost 8.9 percent in the final quarter of 2007, Standard & Poor's said Tuesday, marking a full year of declining values and the steepest drop in the 20-year history of its housing index."

http://news.yahoo.com/s/ap/20080226/ap_on_bi_ge/home_prices