The economy: How bad is it?

As of the third quarter, home prices were down 21% from the peak in 2006, according to a national index from Case-Shiller.

In Phoenix, one of the weakest markets in the third quarter, the 12-month loss came to 31.9%. Las Vegas prices plummeted 31.3% and San Francisco recorded a 29.5% decline.

Even the best performing markets posted declines: prices in Dallas fell 2.7% and prices in Charlotte, N.C., fell 3.5%.

Foreclosures continue to take a heavy toll: A total of 936,439 homes have been lost to foreclosure since the housing crisis hit in August 2007.

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