Why Home Values May Take Decades To Recover

01/12/2009 05:12 am ET | Updated May 25, 2011
  • Dennis Cauchon USA Today

Rick Wallick moved into a new, three-bedroom $200,000 home in Maricopa, Ariz., in October 2005. Today, the home is worth $80,000.

The disabled software engineer stopped making mortgage payments this month. His $70,000 down payment is now worthless. His dream house will be foreclosed on next year.

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