Check out the following graph which charts how much the average sales price of a new home 27 months from the peak in economic activity moves. As you will notice ( this is for recessions from 1980 on), the average has now fallen more than any other recession previous (well from the 1980's on) as indicated by the dashed black line of death.
The next graph truly depicts the demoralizing collapse in new home prices, while also capturing how over inflated prices really were. Its a sobering picture to say the least. Notice how prices gave the false sense of rebound and then just kept on falling. Depression Economics people- if you haven't figured it out already- just assume the worst and your probably right. This is the type of thing that makes Roubini so freakin popular and prophetic sounding, although any proper student of financial crisis would already know to expect such things. Readers of this blog should have definitely learned to expect such things.