Home value and price

[bluedog]

Today I have read newspaper on Wall Street Journal and I got shocked!

Prices in May dropped 4.1percent in New York Area, 13.2 Percent in Massachusetts and 12.5 percent in New Jersey! this is so big decline in entire history of real estate. I have never seen this decline from 1990 where price of home was also low.. but not that low.. I thing price will decline from the point it was start increase for example if you have bough home in 2002 for $150 K and now this home is worth $275K then those home value will drop again to $150 K or even less! and lot of foreclosure because people took also loan and bough property for $275,000!