Let's keep this simple, no hype, no sham and no talking things up. This is what happened to the US housing market last year:
More than half the national metro areas it surveys reported deflating home prices on a year-over-year basis.
The fourth-quarter report from National Association of Realtors showed largest price decline on record as markets with price declines now outpace those with gains.
As David Lereah said "2006 was a year of contraction".
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