According to the S&P Case-Shiller index, which is a quarterly index that measures residential housing price rates in the US, home prices posted a record decline in October, bringing the losing streak to a disturbing 27 months.
Per CNNMoney.com, the entire nation is suffering, but no region worse than the Sunbelt; Phoenix felt a 32.7% drop since this time last year, with Las Vegas and San Francisco not far behind.
Analysts believe that prices will steadily drop throughout the US if the economy is not stabilized over the next 12 months.