Single family home prices have plunged to their lowest level in years, actually falling below the low seen in April 2009 during the financial crisis. It’s the result of a large inventory of available homes, weak demand, and mounting foreclosures.

The 20-city composite index was at 138.16, falling below the 2009 low of 139.26.

“This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation,” David Blitzer, chairman of the index committee at S&P Indices, said in a statement. “Home prices continue on their downward spiral with no relief in sight.”

Good thing the Obama Administration saved us from that cliff of doom, huh? Otherwise things could be bad. I mean, we could have 9% unemployment, plunging home prices, minimal economic growth, and mass dependence upon welfare. Oh, wait, that’s exactly what we have now.