FROM CNN's Jack Cafferty:
Shocking new numbers on the housing crisis which show home prices down nearly 33% since peaking in the summer of 2006.
Translation: the value of many Americans' biggest asset has dropped by one-third in just the last 5 years.
The latest S&P/Case Shiller 20-city report shows home prices posted a steep drop in November, falling 1.3%. Some of the hardest-hit cities include Chicago, Atlanta and Detroit.
Compared to a year ago, home prices are down close to 4%.
Experts say that home prices are still falling despite record low interest rates and better GDP growth. They think prices will continue to drop this year and maybe even into next year before finally stabilizing.
Some suggest prices are down in part because more sellers are willing to accept the weak market conditions and lower their asking prices.
Also playing a role is the increase of sales of properties in foreclosure - look no further than Nevada, the site of Saturday's caucuses, which is the foreclosure capital of the country. Arizona and California also suffer from some of the highest foreclosure rates.
Meanwhile the U.S. Census Bureau says that the nation's homeownership rate has fallen to 66% - the lowest in seven years.
Economists tell USA Today that while the housing industry's downturn may be nearing a bottom, the impact will be felt for years.
They say even for people who want to buy a home, they may have difficulty getting financing for a mortgage.
In short, we've got a long way to go before the housing market rebounds.
Here’s my question to you: How have collapsing home prices impacted you?
Interested to know which ones made it on air?
Not yet, knock on wood. Just keeping my fingers crossed the president and Congress don’t do anything to screw up this already slow recovery.
Tom in Chico, California:
My house has lost 30% of its value, but property taxes haven't gone down at all. State and local services are struggling with less tax revenue. If a foreclosed house is "bank owned", why don't the banks pay the property taxes that they owe on their empty houses? That expense would make the banks sell them sooner and get some relief to taxpayers.
Noel in New Mexico:
Since I'm neither selling nor buying, the market doesn't worry me much. I don't even know how much my house is worth anymore, and I don't want to know. Since I have a place to hang my hat and can afford the mortgage payments, I prefer to live in ignorant bliss.
Carol on Facebook:
We live in Cape Coral, Florida. Don't ask. We're holding on tight; many, many of our neighbors GONE! Impact? This is a living nightmare.
Paul in North Carolina:
Not much at all, really. Like everywhere else, prices here have declined since '07 but my house is still worth more than it cost to build and I'm not underwater. Eventually, the housing market will heal and prices will start rising again. In most cases, people who did it the right way, with a substantial down payment and mortgage payments that fit their budget, will come through this debacle with very little pain. But there is no sympathy here for those who thought they could buy a million dollar house on a blue collar salary. Common sense is still the best defense.
Michael in Virginia:
One bathroom shared with two females. Hell by any definition.