Tuesday, July 29, 2008

"Erasing Four Years Of Gains"

The lesson is don't see your primary residence as an investment and if you want to dabble in real estate investments understand that no matter what people tell you God has not commanded that home prices go up by 10% every year.

Prices of U.S. single-family homes plunged at a record pace in May from a year earlier, with each of the 20 regions monitored showing annual declines for a second month, according to the Standard & Poor's/Case Shiller home price indexes reported on Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.9 percent in May from April, bringing the measure down 15.8 percent from May 2007.