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Home prices dropped by 18.2% in November versus the year ago period, accordingly to the Standard & Poor's/Case Shiller index. The index also shows the impact of a declining market: since August 2006 prices have dropped every month for a combined total of 28 consecutive months. "The free-fall in residential real estate continued through November 2008," David Blitzer, Chairman of the Standard & Poor's Index Committee, noted in a statement. And more media scrutiny has forced some Citigroup executives from traveling in a new fancy jet, eating bon bons and sipping champagne as they jet set to find out where their next bailout will come from. Citigroup received over $45 billion in capital from the government TARP funds, but it still planned to purchase a Dassault Falcon 7X for a cool $50 million. Citigroup originally said that it would pay for the purchase of the new fancy jet with the sale of older aircraft, but reversed course quickly and said the purchase won't happen after media attention and Senator Carl Levin of Michigan raised a stink. Levin, who represents many of the nation's automakers, blasted the idea: "To permit Citigroup to purchase a plush plane -- foreign-built no less -- while domestic auto companies are being required to sell off their jets is a ridiculous double standard," Levin said. Well put, Senator Levin! Now, on to our real estate investing section... Future History If hindsight is 20/20 then it should come as no surprise that we often like to take a quick walk down memory lane; after all, those that do not learn from history are doomed to repeat it...or so they say. As the first month of 2009 comes to a close, it's only natural to wonder what the rest of this year will have in store and how it will come to be remembered in the history books in years to come. Here are a few solid guesstimates with implications for short sale investors today and tomorrow... 1. Undoubtedly President Obama is likely to make it into the history books not only for becoming the first African American President in the history of the nation but also for whatever transpires during this term. Faced with two wars and one of the worst economic climates to strike the nation since the Great Depression, the challenges are very real. Savvy short sale investors would do well to take notice of Obama's intended tax rate restructure plans which could dramatically increase income taxes for those in the top brackets. With FICA/SS taxes already at record levels, additional increases would undoubtedly make passive income more attractive than ever. Close attention to future changes to Capital Gains, passive income and other categories will become very important to long term planning. 2. Housing Starts - Stopped. A recent report by Bloomberg news shows builders have all but stopped building; shares have plummeted 76 percent in the past few years with small builders going bankrupt at unprecedented numbers. Unfortunately, once builders stop building and go out of business, it takes quite awhile to get things rolling again once the recovery is underway. With the bankruptcy and dissolution of small builders, banks and even nationwide builders there will be few remaining entities left to pick up the pieces once confidence is restored and the current inventory is depleted. When historians look back to discover the root of the future housing shortage it will be traced back to the current excess inventory and financial failings taking place. Savvy short sale investors should take note and plan to provide housing once excess inventory is absorbed. 3. Back to Basics. After years of big living and conspicuous consumption, 2009 is likely to be marked by a return to the basics. Basic housing, good old fashioned entertainment, friends and family...the essentials of life. Short sale investors should take note and plan to purchase safe, affordable housing with an emphasis on good schools, good churches and good neighbors. It's a recipe for success.

Great news clip from MSNBC