"House prices are taking a long ride in the wayback machine. Unfortunately, Americans' housing-related debt isn't going anywhere fast.
Prices in big U.S. cities posted their biggest-ever decline in the first quarter, according to the most recent S&P/Case-Shiller National Home Price index. After nearly three years of declines, house prices nationwide are back at 2002 levels -- and still falling.
Yet as bad as that is for overburdened homeowners and their bankers, the mighty mountain of mortgage debt Americans have taken on is an even bigger concern - especially for those who believe an economic recovery is in sight."
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The $4 trillion housing headache
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