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IHS Global Insight says "House Prices Continue to Decline"

These rapid declines in the fourth quarter coincided with the deepening recession and the Wall Street crash. Although the overhang of unsold inventory of homes remains high and mortgage credit conditions are still tight, home prices were propelled further downward by a collapse in consumer confidence and job losses that numbered nearly two million in the fourth quarter.
Statewide average home price declines for 2008 exceeded 20% in the four sand states (Arizona, California, Florida, and Nevada) and exceeded 10% in four others (Maryland, Michigan, Georgia, and Virginia). Detroit joined 40 sand state metros with 2008 declines in excess of 20%. Home prices declined by more than 10% in 19 metros in the fourth quarter, and by more than 5% in 110 metros. Prices in five metros in California's Central Valley have now declined to less than one-half their peaks of this decade; 38 other metros have seen falls in excess of 30%. Overall, 119 metros—more than one-third of all metro areas—have seen home prices decline by more than 10%. The sharp price declines in California have pushed San Francisco out of the top spot in a ranking of home values across metro areas, and Honolulu, Hawaii, has regained the number-one position it last held in 1996.

by Jim Diffley and Jeannine Cataldi