Case Shiller Index - Home prices plunge

Home prices plunged at record rates in December and consumer confidence is at all time low, according to the S&P/Case Shiller home price index released today.  The question is will today's falling house prices, the recent mortgage relief plan and the $8,000 tax credit for first time home buyers be enough to jump start worried consumers?

The Case Shiller 20 city index of home prices dropped 18.5 percent from December 2007 prices and 19.2 percent for the 10 city index for the same period.   But perhaps the source of most concern is the rate at which single-family home prices are dropping - the biggest drop since Case Shiller began 21 years ago.

While national prices are dropping, what will this mean for your local area? Understanding local price and sales trends is the first step to answering this question.  Here are five cities we thought were worth highlighting.

• Philadelphia, PA
  
• Miami, FL
• San Francisco, CA
• Brooklyn, NY
• Detroit, MI

You can also enter your city on any of these pages and select "More Market Trends" to get a detailed breakdown of sales and listing price trends for the past 5 years.

How do you think your area will fare?