Just when you think the housing market can't get any worse, a new report puts Lansing as having the biggest drop in home prices in the nation.

Home prices here are down 19 percent from last year, and local realtors are feeling the chill.

"I'm shocked by that figure," says Bill MacLeod, President of Coldwell Banker Hubbell Briarwood Realty, which represents 40 percent of tri-county listings.

He says in January alone Lansing home prices dropped 15 percent from December; he blames foreclosures.

But MacLeod is still at odds with the National Association of Realtors' report.

"I don't mean to gloss over things, this is certainly serious, serious for the entire industry," he says, "but I see too many positive things in Lansing to think we uniquely have a problem. Still, it's a staggering number."

Numbers show that around 2005-2006, the average home price in Lansing was $135,000. Fast forward just two years-- the average price had dropped about $25,000.

"Most metropolises declined in home prices, but a double-digit decline is disheartening," says Caroline Sallee, a consultant with the Anderson Economic Group.

Sallee says people are having to lower their asking prices dramatically in order to sell their houses in this slumping economy-- here more so than other places.

"I was surprised at how poorly this area had done," she says. "I was expecting 10-12 percent, not 19 percent."

But is there light at the end of this very dark real estate tunnel?

"I don't see a strong spring, I don't see a strong summer, but i'm optimistic that at the end of the summer, we'll start coming back," MacLeod says.

But it'll be a long thaw before getting back to normal.