Home price declines deepen in major US markets - Yahoo! Finance

In at least 14 major U.S. metro areas, prices have fallen to 2003 levels -- when the housing bubble was just starting to inflate. Prices will likely drop further this year, making many people reluctant to buy or sell. That would push down sales and prices more.

The bad news is that people that own homes, are going to continue to suffer due to persistently low prices. However, the good news is that the nation will not be over-investing in housing like it has done for decades due to distortions caused by bizarre government incentives to over-invest in housing. So, Americans will put less emphasis on investing in housing and will put more emphasis in investing in things that have the potential to increase the wealth of the nation.

Home price declines deepen in major US markets - Yahoo! Finance