Recession Hits Housing Prices

Oct. Case-Shiller Numbers:
Down 18% from '07

“People who think they’re going to lose their job don’t buy a home”
--Steven Ricchiuto, chief economist at Mizuho Securities; NY Times (12/30/08)

There's not much mystery about the most recent leg down in the national housing market: recessions destroy jobs, and people who are unemployed -- or worry they may soon be -- don't make major purchases.

For most people, there's no bigger financial commitment than buying a home.