Just how low could home prices go in your town?
Despite the fact that rents are now higher in many cities than monthly mortgage payments, the latest report on the health of the housing market offers a dismal picture, showing little sign that home prices are hitting bottom. Prices in January fell 3.1% compared with the same month during the previous year, according to Standard & Poor’s Case-Shiller Index. The index of 20 U.S. cities fell to 140, just a point above its spring 2008 low in the wake of the financial meltdown.