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http://news.yahoo.com/s/ap/20080523/...ge/home_prices
This is really bad news for the World, the US is the World's engine of inflation, if there is no lending by the banks, there is no Dollar creation. Result: economic contraction. If other countries dependent on trade with the US wish to escape this contraction, they will have to figure out how to keep their currency inflation growing with access to Natural resources.
WASHINGTON - A home-price index considered to be the most comprehensive reading of the U.S. market posted the sharpest decline in its 17-year history, and analysts say housing has yet to bottom out.