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After climbing in early 2010, home prices have dropped once again, and have reached a new eight-year low. According to data from the S&P Case-Shiller Index, prices are down by 3.5% year-over-year, and by 32% from their peak in 2006. Sales activity is also down, by 12.9% year-over-year, albeit from a high level in 2010 that was stimulated by a home-buyer tax credit. The nation’s homeownership rate has dropped from a peak of 69% in 2006 to 66.4% as of Q1 2011, a rapid decline drop in such a short time period. 

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