According to the S&P/Case Shiller index, Phoenix, Las Vegas, and San Francisco have suffered the steepest drop (around 30%) in housing prices since the housing market peak in 2006.And now with thousands of people unemployed, consumer confidence is also at an all time low. Reuters report that only 2 percent of Americans said they intended to buy a home in the next six months, the weakest reading since 1982.
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