In addition, home prices are down 41% over the past 18 months.

Average house prices are down to $300,000, a level not seen since 2003, and I would note, as Rich Toscano does, that in a down market, expensive houses shift the average upwards, so the number to look at would be $/square foot, which is probably down even further.

Even if the square foot price is not down, this is Argentina meltdown lower.