The Case-Shiller home prices index shows another year-over-year drop of over 6%.

Every one of the 20 survey areas shows a decline since the previous month.

Of course, what is strinking about the housing price decline is that it is the result of several factors:

1. Radically changed financing climate

2. Falling prices beget more falling prices

3. Historically low levels of equity

4. Historically high consumer debt levels.

2008 promises to be even tougher as more adjustable mortgages reset and more homeowners decide to get out of their mortgages and cannot do so by refinancing.

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