FROM CNN's Jack Cafferty:
Home prices are at their lowest in a decade.
The S&P/Case-Shiller home price index of 20 cities shows an average decline of 3.5% from a year ago. That puts home prices at the lowest since November 2002. Experts say foreclosures and other distressed property sales are the main challenge.
Some of the hardest hit housing markets include Atlanta, Charlotte, North Carolina, Chicago, Las Vegas and New York.
The worst is Atlanta, where prices fell more than 17% year-over-year. Home prices in Atlanta haven't been this low in 16 years.
These numbers are scary:
For many Americans, their homes are their biggest asset. It's hard to imagine how the nation can manage an economic recovery with the housing market still hurting so badly.
And things might not improve for a long time. A very long time.
Yale University Economics Professor Robert Shiller says a total recovery of the housing market may take a generation. Shiller says he worries "that we might not see a major turnaround in our lifetimes."
And it's not just home prices that are suffering. A new government report shows new home sales dropped 7.1% in March to the lowest level since last November.
There's just no rush to buy. Mortgage rates might be at record lows, but if people don't have the money to buy it doesn't matter. Add in high unemployment along with high gas prices and uncertainty about the health of the economy and the future of housing looks pretty grim.
Here’s my question to you: Home prices are the lowest in a decade. How can the economy recover?
Tune in to the Situation Room at 5pm to see if Jack reads your answer on air.
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