As it turns out, reality isn’t nearly as much fun as bubble-induced mania.
New data on home prices show that in the 20 largest cities in the United States, prices plunged in March to their lowest point since the housing bubble burst in 2007. According to the Standard & Poor’s Case-Shiller Index, home prices are worth a full third less than they did at their peak in April 2006, eliminating nearly all the real gains in home prices since early 2000.
The above excerpt was originally published in The American Prospect.
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