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Home Prices
Home Prices
At the end of the second quarter of 2008, home prices were down 4.8% from the same period a year before, according to the Office of Federal Housing Enterprise Oversight.

The current drop of 4.8% is actually the worst we have experienced in this generation. But just three years ago, during the housing boom of 2006, home appreciation grew at its fastest rate in the last 28 years. In the second and third quarters of 2005, just as prices started to take off, home prices were up 9.7% from the year before.

Pretty obviously, if a 4.8% decline in home prices is equal to 0 and 9.7% is equal to 10, we're now at the very bottom of the spectrum.

Home Prices: 0

NEXT: The numbers tell it

Last updated October 31 2008: 9:42 AM ET
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