I just caught this on www.cnn.com  or here for the article. Any thoughts?

NEW YORK (CNNMoney.com) -- Home prices have shown few signs of any turnaround, and a new report sees the downward slide continuing.

On Tuesday, Standard and Poor's said its nationwide S&P/Case-Shiller Home Price Index fell 3.2 percent in the second quarter, compared with a year ago. For the three months ended June 30, prices dropped 0.9 percent from the first quarter......

The slump in housing prices began in mid-2005 when appreciation rates first started to slow and then reverse. During the past few months a credit crisis and a huge jump in default rates and foreclosures contributed to market declines.

Defaulting home owners have unleashed many new homes onto already sizable inventories. It's the biggest glut of homes on the market in about 16 years. There's now a 9.6 month supply of homes on the market at current rates of sale.

Demand has fallen as home loans of all types have become harder to obtain, taking many potential home buyers off the market. First, it was subprime borrowers who began having trouble arranging financing. Then Alt-A mortgages (usually low- or no-doc loans) dried up.

Lenders have also tightened the screws on jumbo loans. These big-ticket mortgages do not have a guaranteed secondary market because they exceed the dollar limits that of loans Freddie Mac and Fannie Mae, the government sponsored agencies created by Congress to add liquidity to housing markets, will buy.