Home Prices: Death Spiral

The S&P Case Shiller Home Price Index shows nine new all-time records for annual price declines, ten areas with double-digit drops, and seven areas with losses exceeding 20 percent.
The 10-City Composite posted a new record decline of 16.9 percent and the 20-City Composite recorded a record drop of 15.8 percent paced by Las Vegas and Miami, two former housing bubble hotspots that now appear to be in some sort of death match with both losing badly.

Phoenix looks likes it wants to get in there too and "mix it up".