I have a possible explanation why "only 60% believed the value of their home had fallen over the last year."  Look at the valuation on your property tax bill.  City Haul wouldn't lie to you, would they?

OverTaxed, you are right.  Why doesn't anyone in the media ever say that the reason that most people are broke is because we are simply being taxed to death?  The government (at all levels and all the different taxes) takes nearly half of what Americans earn.  And it seems to me that Congress is just getting started...

You guys are right. The tax burden is way too heavy in this country. Particularly when the rish is screwed by Obama, the rest of us will have to carry the most burden.

What puzzles me most is that every time when there is budget shortfall, governments at all level ALWAYS talk about cutting  SERVICES, not cutting  the bueacrats! Can't they just slash the size of government at all level by HALF? I bet we'll still be fine if the size of government slash into half of what it is now.

Welcome to communism, comrades. Let's pay those taxes so all people can be equal.

What do you mean we are being taxed to death?  Most are paying less taxes! Didn't  anyone listen to our great President Obama! He Promised the majority of people would pay less taxes, so all you people complaining must be super rich, so stop your complaining. I Love This Change!

We are paying less taxes....if you don't have a job you pay less taxes!

The problem is that the state taxes have not changed. While you might pay less in federal taxes, the states have added or not changed their taxes. I say this coming from Arizona, where they took the so called tax refund/rebate by adding it to the state income taxes. The main problem with home prices is that there are so many foreclosures out there that it has driven the prices down for everyone else; leaving no equity in your house. Additionally, the reluctance of the banking industry to work with people that are not in foreclosure or are current right now has not helped. People will continue to default on there loans when they see that is the only way to get help. And to all you people that are going to say "you should have bought a house you could afford"; I did buy a house that was affordable. The problem is that know when I would like to sell the house, it becomes impossible to do so. So now I am saddled with a house that his worth nothing.

For many years our county assessor justified our huge tax bills are based on the high home values. This year we got a letter in advance telling us all that despite the falling values of the homes in Will County Illinois, we should not ask for a reduction in taxes because they simply reset the multiplier for our tax base to allow the crooks to still take what they need to cover the ineffecient and overspending government. Nice they can change reasons when it suits them...

I agree with the author that the housing crisis is indeed about to enter the next stage.  There are simply too many loans about to reset over the next two years, and too many people who are so upside down that they are just going to walk away (I'm not saying that's okay, I'm just stating that I feel there will be lots of jingle mail).

A third component is this:  investors are indeed snapping up property to flip/rent, but they aren't going to be able to do either as more houses flood the market, so investors are going to put even more houses back on the selling block.

I am renting through 2012, as prices for houses will continue to drop.  

For all of those who were looking for a CHANGE - There you have the change, and folks do not worry, this is just the beginning, there is more, more to come and WE the people will always be the ones to suffer this CHANGE.  The PEOPLE WAS WARNED , but they didn't listen.  There is HOPE if we stop the madness.