Nation’s housing crash worsens

U.S. housing prices will fall 8 percent this year and will not hit bottom until sometime in 2012. And, according to this story, those tax breaks for homebuyers in 2008-2010 were a "foolish boondoggle" that produced a "brief suckers' rally."

The story adds that "it's hard to overestimate the scale of the carnage in the housing market ... falling real-estate prices mean spiraling hidden losses throughout the economy, from banks to homeowners."

To which all of Las Vegas said: "Been there, done that. Got the t-shirt."