Source: Federal Reserve Bank of Kansas City

The Federal Reserve Bank of Kansas City has issued its newest issue of The Main Street Economist. In this issue, home values in rural America are addressed.

As of September 2008, home values in the 20 large U.S. metropolitan areas tracked by the S&P/Case-Shiller composite house price index were down more than 20 percent from their mid-2006 peak. Values are expected to fall further based on future values of that index.

Other national home price indexes reveal similarly steep recent declines.

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