Les Christie of CNNMoney.comreported that the home price plunge remained on a record pace through out the summer. "The S&P Case-Shiller Home Price national index recorded a 16.6% decline in the third quarter compared with the same period a year ago".
Home prices are down 20% since July 2006. Stephen Gandel of Money Magazine predicted that prices of homes will fall further during the last quarter of this year. 18.6 million homes are sitting vacant in the United States. 2.8% of house mortgages are three months in arrearage.