U.S. home prices dropped 8.9 percent in the final quarter of 2007 compared with a year ago, Standard & Poor's said Tuesday, the steepest decline in the 20-year history of its housing index.
"We reached a somber year-end for the housing market in 2007," Robert Shiller, professor at Yale University and chief economist at MacroMarkets LLC, said in a statement,
Economists worry the housing slump will plunge the broader economy into a recession. The economy grew an anemic 0.6 percent in the fourth quarter.
That leads us to our Reader Poll. Will you spend less if the value of your home decreases? Tell us now.
Got something to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap! Prefer to keep your comments private? Sned those questions and comments to .