Best performing asset class (disregarding commodities) during the last week?

Phoenix median home prices, only down 1.5% in dollar terms.

How much can home prices drop in the USA

Let's take a look at one of my favorite graphs: "home price/rent" RATIO.

The rent ratio is now around 27, it has always been around 14-18, so a price drop of 40% would be a return to the mean.

Home prices crash in the United States

It's just a prelude of what will be happening in Europe on a wide scale.
This is a home we visited in July 2006. List price was: $333 000.
Now 12 months later, the same home in the same community costs $265 000.

Prices in Europe have a lot more to fall. A semi detached home in Flanders costs about 200 000 euro (= $284 000) ... Auch that's gonna hurt when prices readjust to inflation.