SEDEKAH

Bersedekah demi keredaan Allah
Oleh DR. ZULKIFLI MOHAMAD ALBAKRI

Sayyid Qutub berkata: “Oleh sebab itulah satu peralihan pembicaraan dibuat iaitu daripada berbicara dengan orang-orang yang beriman kepada berbicara dengan Rasulullah SAW untuk menjelaskan beberapa hakikat yang besar dan mempunyai kesan yang mendalam dalam usaha menegakkan kefahaman Islam di atas asas-asasnya (yang kukuh) dan menegakkan tingkah laku Islam di atas jalannya (yang sebenar).

Ibn Abi Hatim meriwayatkan dengan isnadnya daripada Ibn Abbas r.a daripada Nabi SAW bahawa dahulu beliau menyuruh supaya jangan diberi sedekah melainkan kepada orang-orang Islam sehingga turun ayat di atas. Ibn Jauzi berkata, sebab turunnya ayat ini kerana orang Muslim rasa kurang senang bersedekah kepada kaum kerabat mereka yang musyrikin, inilah pendapat jumhur. Adapun urusan hati, hidayatnya dan kesesatannya, maka ia bukan urusan seseorang makhluk Allah walaupun dia itu Rasulullah SAW sendiri. Ia adalah urusan Allah Yang Maha Esa sahaja. Kerana hati itu adalah ciptaan Allah dan tiada siapa selain Allah yang boleh menguasai dan mengendalikannya.

Tiada siapa yang mempunyai kuasa-kuasa di atas hati-hati itu selain daripada Allah SWT. Tugas Rasul hanya menyampaikan perintahnya dan urusan hidayat terletak di tangan Allah. Ia mengurniakannya kepada sesiapa yang dikehendaki-Nya dari mereka yang diketahui wajar menerima hidayat dan berusaha untuk mendapatkannya. Mengeluarkan urusan hidayat daripada ikhtisas manusia itu menjelaskan hakikat yang pasti ditanam di dalam hati setiap Muslim agar ia bertawajjuh kepada Allah Yang Maha Esa sahaja dalam usahanya untuk mencari hidayat dan agar ia menerima bukti-bukti hidayat daripada Allah Yang Maha Esa sahaja.
Kemudian hakikat ini juga melapangkan dada Rasulullah Sahibud-Dakwah dalam menghadapi kedegilan orang-orang yang sesat. Kerana itu hatinya tidak merasa bosan terhadap mereka apabila beliau berdakwah kepada mereka, malah beliau menaruh perasaan belas kasihan terhadap mereka dan menunggu keizinan Allah semoga hati mereka mendapat hidayat semoga hati mereka mendapat hidayat dan semoga Allah memberi taufik kepada mereka ke arah mendapat makrifat Allah apabila Ia kehendaki.

Firman Allah SWT: Bukanlah kewajipanmu menjadikan mereka mendapat petunjuk, akan tetapi Allah-lah yang memberi petunjuk (memberi taufik) siapa yang dikehendaki-Nya. Sayyid Qutub berkata: “Oleh itu hendaklah engkau lapangkan dadamu kepada mereka dan banyakkan toleransimu kepada mereka dan hulurkan kebajikan dan pertolongan yang diperlukan mereka darimu dan serahkan perkara mereka kepada Allah dan ganjaran setiap pemberi bantuan tersimpan di sisi Allah”.

Dari sinilah kita dapat melihat beberapa kemuncak toleransi yang tinggi dan gemilang. Kemuncak inilah Islam mengangkat hati kaum muslimin dan melatih mereka supaya mencapainya. Islam bukan sahaja menegakkan dasar kebebasan beragama dan bukan sahaja melarang paksaan memeluk agama, malah Islam menegakkan dasar yang lebih jauh daripada itu, iaitu ia menegakkan dasar toleransi insaniah yang diambil daripada arahan Allah SWT yang menetapkan seluruh orang yang memerlukan itu berhak mendapat pertolongan dan bantuan.
Selama mereka tidak berada dalam keadaan perang dengan kelompok muslimin. Tanpa memandang kepada agama mereka, juga menetapkan bahawa ganjaran bagi orang-orang yang memberi pertolongan itu tetap tersimpan di sisi Allah dalam segala keadaan selama infak itu bertujuan mencari keredaan Allah.

Itulah toleransi yang membangkit dan menampilkan umat manusia ke depan. Hanya Islam sahaja yang dapat melakukannya dan hanya orang-orang Islam sahaja yang mengetahui hakikat-hakikatnya. Firman Allah: Dan apa saja harta yang baik yang kamu nafkahkan (di jalan Allah), Maka pahalanya itu untuk kamu sendiri. Dan janganlah kamu membelanjakan sesuatu melainkan kerana mencari keredaan Allah.

Al-Zajjaj berkata, ini khusus bagi orang yang beriman di mana Allah mengajar mereka bahawa ia sungguh Maha Mengetahui kehendak mereka di sisi begitu juga memberi tahu mereka dengan sahnya qasad dan nawaitu mereka. Maka sesungguhnya Allah juga mengkhabarkan kepada mereka balasan. Al-Hasaan al-Basri berkata, orang yang beriman nafkah untuk dirinya dan ia tidak infak untuk mencari keredaan Allah. Sedangkan Ata’ al-Kharasani berkata, yakni jika kamu kurniakan semata-mata kerana Allah maka tiada dosa dan kesalahan bagi kamu apa yang dikerjakannya.

Ibn Kathir menyatakan ini adalah makna yang baik. Kesimpulannya bahawa yang bersedekah semata-mata mencari keredaan Allah, maka sesungguhnya ia pasti mendapat pahala dan tiadalah ke atasnya sebarang dosa daripada nafkah yang dilakukan sama ada bagi orang baik dan orang jahat. Begitu juga orang yang berhak atau tidak ia tetap mendapat pahala berdasarkan niatnya. An-Nasafi berkata, bukanlah nafkah kamu kecuali mencari keredaan Allah dan menuntut di sisi-Nya.

Firman Allah: Dan apa saja harta yang baik yang kamu nafkahkan, nescaya kamu akan diberi pahalanya dengan cukup sedang kamu sedikitpun tidak akan dianiaya (dirugikan).
Al-Baghawi berkata, ayat ini mempunyai syarat jika sekiranya kamu nafkahkan daripada harta yang baik sudah pasti Allah membalas untukmu dan kamu akan termasuk dalam golongan seperti yang difirmankan Allah.Sebagai penutup penulis menukilkan hadis Abu Hurairah, sabda Rasulullah SAW: Seorang lelaki pernah berkata: Aku akan bersedekah pada malam ini kemudian beliau keluar dan memberi kepada seorang penzina, keesokan harinya orang ramai bercakap penzina telah diberi sedekah. Lantas lelaki ini berkata, Ya Allah bagi kamu segala kepujian atas penzina tersebut dan aku akan bersedekah pada malam ini kemudian beliau keluar dan memberi sedekah pada orang kaya.

Keesokan harinya orang ramai berkata, orang kaya mendapat sedekah maka berkata lelaki tersebut, Ya Allah bagimu segala kepujian atas orang kaya. Pada malam ini aku akan bersedekah dan aku memberi kepada pencuri. Keesokan harinya orang ramai berkata, pencuri mendapat sedekah. Lantas katanya, Ya Allah, bagi kamu segala kepujian ke atas penzina, orang kaya dan pencuri. Kemudian datang dan dikatakannya adapun sedekah kamu diterima. Adapun penzina semoga ia menjaga maruah dengan sedekah tersebut dari berzina. Dan semoga orang kaya mengambil iktibar untuk menjadi orang yang berinfak ke atas kurniaan Allah. Dan semoga pencuri menjaga maruahnya dengan sedekah tersebut daripada mencuri. (riwayat Bukhari dan Muslim)Bersedekah demi keredaan Allah.

Source : Utusan Malaysia, May 17, 2008

HIBAH

Hibah, wasiat boleh beri kepada waris

Soalan:SAYA mempunyai persoalan tentang harta peninggalan wanita bujang. Saya ditinggalkan oleh ayah sejak kecil tanpa nafkah. Emak sayalah yang membesarkan saya.
Saya merupakan anak tunggal. Mengikut hukum faraid, sekiranya saya meninggal, sebahagian besar harta peninggalan saya akan diwarisi oleh ayah dan adik-beradik tiri saya (berlainan emak).

Saya merasakan ayah saya tidak berhak langsung mendapat harta saya kerana dia telah mengabaikan kami sekeluarga. Tidak adil rasanya jika dia yang selama ini tidak menghiraukan kami sekeluarga tiba-tiba mendapat bahagian daripada harta yang saya kumpulkan selama ini, tanpa bantuannya. Saya mahukan harta peninggalan saya digunakan untuk menjaga kebajikan ibu saya dan anak angkat saya. Bagaimana boleh saya tinggalkan harta saya kepada mereka setelah ketiadaan saya?

Jawapan:
Seperti yang saudari sedia maklum, Islam telah menetapkan prinsip-prinsip pengagihan harta si mati, yang secara lazimnya dikenali sebagai hukum faraid. Prinsip-prinsip am hukum faraid terkandung dalam al-Quran, Surah al-Nisa, ayat 11-14.

Namun, faraid bukanlah satu-satunya cara pembahagian harta dalam Islam. Kami di Sisters In Islam memahami kehendak saudari yang ingin memastikan kebajikan dan kepentingan orang-orang tersayang dilindungi apabila saudari tiada nanti.
Surah al-Nisa ayat 11 telah menyatakan bahawa "…pembahagian itu ialah sesudah diselesaikan wasiat yang telah diwasiatkan oleh si mati, dan sesudah dibayarkan hutangnya…"

Seorang Islam boleh meninggalkan wasiat, tetapi wasiat tersebut mestilah mematuhi syarat-syarat berikut:
i. tidak boleh mewasiatkan lebih daripada satu pertiga (1/3) daripada keseluruhan harta pemberi wasiat;
ii. penerima wasiat mestilah seorang yang tidak disenaraikan sebagai waris dalam hukum faraid - syarat kedua ini adalah hukum mengikut mazhab Sunni.
Bagaimanapun, kebanyakan ulama Sunni juga berpendapat bahawa wasiat kepada salah seorang waris yang tersenarai dalam hukum faraid (misalannya, dalam kes saudari ini, ibu saudari) masih sah sekiranya waris-waris lain setuju dengan isi kandungan wasiat selepas kematian pemberi wasiat.

Namun demikian, masalah mungkin timbul apabila salah seorang waris yang sah tidak bersetuju dengan wasiat tersebut. Apabila ini berlaku, mahkamah akan merujuk kepada hukum faraid.
Dalam kes saudari, anak angkat bukanlah seorang waris yang tersenarai dalam hukum faraid. Jadi, saudari bolehlah mewasiatkan kepadanya tidak melebihi satu pertiga (1/3) nilai jumlah keseluruhan harta saudari. Waris-waris yang sah tidak boleh mempertikaikan wasiat ini kerana cukup syarat-syaratnya.

Ibu saudari pula merupakan seorang waris yang tersenarai dalam hukum faraid. Sekiranya seseorang Islam itu meninggal dunia, maka ibu si mati hanya berhak menuntut harta benda si mati mengikut perkiraan hukum faraid. Sekiranya si mati meninggalkan hanya ibu dan ayahnya dan tidak ada anak, maka, secara amnya, ibu akan berhak mendapat satu pertiga (1/3) dan ayah akan berhak mendapat dua pertiga (2/3) daripada harta si mati.

Di negara kita ini, nisbah pembahagian harta pusaka menurut faraid secara lazimnya ditentukan oleh Mahkamah Syariah melalui suatu sijil faraid bagi setiap kes. Sekiranya si mati telah meninggalkan wasiat, maka pembahagian harta pusaka kepada ayah dan ibu akan dilakukan selepas wasiat disempurnakan.

Hukum faraid tidak akan terpakai sekiranya si mati, sebelum kematiannya, telah memindahkan harta kepada orang lain. Jadi, dalam keadaan sekarang ini, saudari bolehlah mempertimbangkan untuk memindahkan harta tertentu kepada ibu atau anak angkat semasa hayat saudari masih ada (sekiranya saudari ingin memberi wasiat kepada anak angkat). Melalui proses ini, waris-waris yang lain tidak akan berhak kepada harta pusaka saudari kelak.

Konsep ini diberi nama hibah atau terjemahannya hadiah. Apa yang penting ialah saudari perlu memindahkan harta yang ingin diberi kepada ibu dan anak angkat semasa saudari masih hidup. Hibah itu juga mestilah diterima oleh penerima. Jika penerima tidak tahu bahawa ia telah dihibahkan sesuatu benda, maka hibah tersebut mungkin tidak sah.

Proses pemindahan harta ini bolehlah dilakukan dalam beberapa cara. Misalannya, jika saudari memiliki rumah atau tanah, saudari boleh memindahkan rumah atau tanah tersebut kepada nama ibu atau anak angkat menerusi prosedur pindah milik di bawah Kanun Tanah Negara 1965.

Source: Utusan Malaysia, May 17, 2008

Cost of PUTRAJAYA

Kos bina Putrajaya RM11.831 bilion
KUALA LUMPUR 14 Mei – Perdana Menteri, Datuk Seri Abdullah Ahmad Badawi berkata, kos sebenar bagi pembinaan Putrajaya sehingga kini adalah sebanyak RM11.831 bilion.

Menurutnya, ia meliputi pembangunan pejabat-pejabat kerajaan, kuarters kerajaan, Pusat Konvensyen Antarabangsa Putrajaya dan rumah kediaman rasmi Perdana Menteri, Timbalan Perdana Menteri, Menteri-Menteri dan Hakim. Selain itu katanya, ia turut meliputi pembangunan infrastruktur seperti terowong, jalan, jambatan, menara selain kemudahan awam seperti taman, dataran dan tasik.

Tambahnya, pembangunan pejabat-pejabat kerajaan di Putrajaya adalah secara penswastaan melalui kaedah bina, pajak dan pindah. ‘‘Melalui kaedah ini, Putrajaya Holdings menggunakan pembiayaan sendiri untuk membina pejabat-pejabat kerajaan secara berperingkat di atas tanah kerajaan di Putrajaya,” katanya. Perdana Menteri berkata demikian dalam jawapan bertulis kepada soalan Liew Chin Tong (DAP-Bukit Bendera) pada persidangan Dewan Rakyat hari ini.

Source : Utusan Malaysia

An Islamic Concept of Wealth

By L. Yulyadi Arnakim

Muslims should not love wealth, but love the sustainer, Allah.

Wealth in Arabic term is known as 'al-ghina', which means 'no needs or needs less' and wealthy is known as 'al-ghaniyu' means 'self sufficient', which is one of attributes of God. As Allah says, "To Him belongs all that is in the heaven and on the heart: for verily God - He is free of all wants, worthy of all prices" (Qur'an: 22:64) and in another verse, Allah says, "Thy Lord is self sufficient, full of mercy…" (Qur'an: 6:133,). From the above verses, basically wealthy in Islam consists of two elements of life; physical and spiritual. The first dimension depicts the possession of materials which is known as 'Maal' ('amwaal' in its plural form), which basically means 'property, assets or what ever mankind posses'. The latter indicates spiritual dimension such as knowledge and virtue that reside in their souls.

The natural relationship between the two dimensions is closely interrelated. For wealth is an outcome of interactions between mankind and their surroundings include all things in the heaven and in/on the earth such as flora, fauna and the like that can facilitate mankind to gain a convenient life in this world. In Arabic tradition, the first dimension of wealth was usually cattle for traditionally the Arab wealthy families were those who possessed more camels. Nevertheless, it does not mean that wealth is only derived from the animals. It can be from any things and any forms. Currently, many people possess different forms of property. It may be in the form of cash money, shares, land, house and other goods. As Allah says, "…God has subjected to your (use) all things in the heavens and (all things) on earth…" (Qur'an 31:20).

The first wealth is also very attractive to the nature of mankind, thus every man inclines to have wealth as Allah says, "Fair in the eyes of men is the love of things they covet: women and sons; heaped-up hoards of gold and silver; horses branded (for blood and excellence); and (wealth of) cattle and well-tilled land. Such are the possessions of this world's life; but in nearness of God is the best of the goals (to return to)" (Qur'an 3:14).

Moreover, when people consider that the wealth is every thing then it may become their master. They may do what ever it is requested solely for the wealth, and they are worry of their wealth for being lost from their hands. As a result their wealth is gradually and unintentionally felt as the most beloved one. At this point people may serve their wealth and they are consequently being greedy and niggardly kind of people as what happened to Qarun (as it is explained in the story of Qarun, see Azman Ismail, "Wealth is not wrong", in Personal Money, January 2004, p. 69.). Undoubtedly, this wealth does not grant happiness to the mankind.

The latter dimension of wealth is food of spiritual such as knowledge and virtue. Presently, first dimension of wealth may be used as means to gain the second dimension of wealth that is knowledge and virtue through education and training. Knowledge is complete comprehension and interaction with this comprehension in the depths of the soul and conscience, which is then followed by action in harmony with them. As what Muslims are thought to recite a prayer: "O Lord, give us useful knowledge, large property and release us from any kind of illness and disease".

In addition, knowledge may also yield the first dimension of wealth. As it was known, that knowledge will lead to the profession, and this profession consequently will resolve the scarcity of ability of mankind in utilizing and exploring the resources. As what was been insisted by the prophet peace be upon him by saying, "any one who wants this worldly life, he should have knowledge, and any one who wants the life of the hereafter, he should have knowledge, and who wants both this life and next hereafter, he should also have knowledge". Furthermore when the prophet's son in law, Ali bin Abi Thalib compared the two dimensions of wealth, he once said, "knowledge will take care of you while you will protect your property".

Muslims should use both elements of wealth in rendering the service to Allah. Wealth in Islam is "rizq" that connotes subsistence or means of living. This means of living is not necessarily as an outcome of man's effort. It is indeed an endowment or a gift from Allah. Because He is the one who sustains mankind's life. The effort of mankind is considered as a process, which will consequently lead to either positive or negative result. As Allah says, "Say: O God! Lord of Power (and rule). Thou givest power to whom Thou pleasest, and Thou stripest off power from whom Thou pleasest: Thou enduest with honour whom Thou pleasest, and Thou bringest low whom Thou pleasest: in Thy hand is all good. Verily over all things thou hast power. Thou causest the night to gain on the day, and Thou causest the day gain on the night: Thou bringest the living out of the dead, and Thou bringest the dead out of the living; and Thou givest Sustenance to whom thou pleasest without measure" (Qur'an: 3:26-27).

The wealth in Islam, may also function as means of trial and test to find out whether a person is a true Muslim or vice versa; being wealthy he is being tested and being poor or wealth-less he is also being tested. As Allah says, "Now, as for man, when his Lord trieth him, giving him honour and gifts, then saith he (puffed up), 'my lord hath honoured me'. But when He trieth him, restricting his subsistence for him, then saith he (in depair), 'my Lord hath humiliated me'" (Qur'an 89: 15-16).

Dealing with the wealth is not as easy as Muslims' dealing with other obligations. In fact, many Muslims perform their obligation towards their God such as performing prayers, fasting, and other ritual worships, but they fail in wealth management. Thus Arabic wise word says, "Prayer is a custom, Fasting is an affordable act, see and analyze people through their dealing with the wealth". Prayer for being an obligatory thing it may become a usual thing that people do not regard it as special and extraordinary. Thus it gradually becomes a custom. Fasting is also an obligation that Muslims perform it only a month in a lunar year, and where Muslims join together to celebrate the month, thus it becomes affordable activity. While wealth is an essential part of life, many people could not be able to pass this trial. As Allah says, "Be sure We shall test you with something of fear and hunger, some loss in goods or lives or the fruits (of your toil), but give glad tidings to those who patiently persevere" (Qur'an 2:155). Who are they?... then Allah explains in the following verse, "Who say, when afflicted with calamity: 'To God we belong, and to Him is our return'" (Qur'an 2:155-156).

In sum, wealth is not an entity that a Muslim should love, for the one whom should be beloved is the giver and sustainer, which is Allah. As such a person will be very happy and content with what his beloved one (God) gives. In order to get happiness in this world and hereafter, Muslims should successfully manage their wealth in accordance with the injunctions of Allah, use it as means to worship Allah, and submit every thing to Him after we have accomplished jobs, for mankind plan and execute, while He decides the result

Investment Information

AMES, Iowa -- In today's Internet world, there are numerous Web sites with the words investing, money or finances in their titles, but hoow do you know which ones are reliable? A study conducted by Consumer Reports' Webwatch showed that viewers are more apt to evaluate a Web site on its visual appeal such as color and layout than on its content. "This is not a good way to decide if information is trustworthy," says Pat Swanson, CFP® and families specialist with Iowa State University (ISU) Extension's Invest Wisely Project (www.extension.iastate.edu/investwisely).

"A better way to evaluate a Web site is to look at its address, its URL. This will tell you about the sponsor or creator of the site," Swanson explains. "Site names ending in .edu are educational; .org is used in web addresses of organizations; .gov are government sites; .com are commercial sites. Here are seven non-commercial Web sites that I use on a regular basis. I have authored some of the materials on the two Extension Web sites."

The Investor Protection Trust (IPT)'s Web site (www.investorprotection.org) provides independent, objective information needed by consumers to make informed investment decisions. The IPT serves as an independent source of non-commercial investor education materials. There are a number of booklets on the IPT Web site, such as "Mutual Funds: Maybe All You'll Ever Need."

FINRA is the Financial Industry Regulatory Authority. Its function is to regulate securities firms and stockbrokers. As a not-for-profit financial resource, FINRA offers unbiased information on its Web site (www.finra..org) on a full range of issues that affect your money and investments. For example, FINRA recently issued an investor alert urging homeowners to carefully weigh their options before obtaining a reverse mortgage.

The Securities and Exchange Commission (www.sec.gov) is the governmental agency that oversees and regulates the securities markets in the United States. The SEC also provides information to help the consumer invest wisely. For example, its mutual fund cost calculator can help you compare the costs of different mutual funds and understand the impact fees and expenses can have over time.

The Iowa Insurance Division administers Iowa securities laws. It provides consumer alerts and educational materials on its Web site (www.investsmartiowa.gov).

Iowa State University Extension (www.extension.iastate.edu/finances) provides unbiased, research-based information and education to help Iowans of all ages make better investment decisions. For example, a series of retirement planning fact sheets can help you identify retirement goals and invest to achieve those goals.

A new educational partnership, eXtension (www.extension.org), combines the efforts of more than 70 land grant universities to provide a one-stop shop to access the best educational materials that are developed by Extension across the nation. Personal finance is one of the topics on eXtension's Web site. The viewer can learn about everything from investing, retirement and estate planning to organizing your household records and teaching children about money. Other features include frequently asked questions, ask an expert, news and upcoming events, and online calculation tools.

MyMoney.gov (www.mymoney.gov) serves as the federal government's one-stop shop for financial literacy and education programs and information. Links to financial information are provided by many reputable educational and governmental agencies.

"The Web has dramatically increased the amount of financial information at the finger tips of consumers -- a real plus. The challenge is to sort out trustworthy sites with unbiased and accurate information," Swanson says.
The ISU Extension Invest Wisely Project provides a series of newspaper, radio, and web resources for investors. It is funded by a grant from the Investor Protection Trust (IPT). The IPT is a nonprofit organization devoted to investor education. Since 1993 the IPT has worked with the States to provide the independent, objective investor education needed by all Americans to make informed investment decisions (www.investorprotection.org).


Barb Wollan
ISU Extension Family Resource Management Specialist

How Does OPEC Affect Oil Markets?

The Organization of the Petroleum Exporting Countries (OPEC) comprises 11 countries that are involved in the production and export of crude oil products around the world: Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Because OPEC’s members collectively hold about 65% of total crude oil reserves and produce 40% of the world’s oil, they have considerable influence on the markets.

Because its members are key players in the global oil markets, any decision taken by OPEC can significantly affect the price of oil globally. One mechanism through which OPEC achieves this influence is through the use of a quota system, in which individual members must follow pre-established production quotas.

OPEC quotas dictate the oil production levels for some of the world’s most important oil producers. But even more important is the actual oil production from each member country, which may differ from the quotas: Some countries, enticed by the high price of crude, are tempted to increase their production to bring in more petrodollars. This is ironic because the production quota is partly responsible for the increased prices, and prices decrease as production increases.

You can keep track of regular developments from OPEC that may affect oil markets through the OPEC Web site. Although OPEC’s influence on the markets has diminished since the 1973 Arab Oil Embargo, it still wields considerable influence over the oil markets

Home Values

WITH HOME VALUES continuing to plummet across the country, it's become clear that the real estate meltdown is far from over.

Values for single-family homes in 14 major U.S. cities posted double-digit declines from their respective peaks, according to the Standard & Poor's/Case-Shiller Home Price Indices, which tracks prices of single-family homes. On a national level, home values are down 12% since December 2006. And according to Beth Ann Bovino, a senior economist at Standard & Poor's, they could drop another 10% by the end of the year.

"Things are accelerating downwards [and] in most cases the fall gets steeper and steeper every month," says David Blitzer, chairman of the index committee at Standard & Poor's.

The biggest culprit for this downturn: rampant speculation on property values during the past several years. "The areas that have seen a huge amount of speculation...are the ones that got nailed," says Blitzer. "The farther up prices went the farther down they've come." This was especially true in the Sun Belt region. Cities like Las Vegas, Miami and Phoenix, which are popular for either their beaches or deserts, lured investors looking for rental properties that would appreciate in value so they could later sell them to baby boomer retirees for a sizable profit, explains Danielle Babb, a real estate analyst and professor of economics and statistics Northcentral University in Arizona.

Foreclosures have also contributed to the decline in home values. During the first quarter, foreclosures were up 112% from the same period in 2007, according to RealtyTrac, which lists foreclosed properties. As a result, there's now a glut of homes for sale on the market and a lot of very nervous mortgage lenders reluctant to give out loans.