Home prices have fallen 26% since their peak in 2006, exceeding the 25.9% drop registered int he five years between 1928 and 1933. Prices fell 0.8% over the month [of November].
US house prices drop MORE than during the Great Depression– Yikes!
January 11, 2011
You know how the media LOVED to say “this is the worst economic downturn since the Great Depression”? Well, now they officially have a metric that is WORSE than the Great Depression.
Okay, okay…so 25% of the population isn’t unemployed and we’re not all standing outside of soup kitchens. BUT, Housing prices in the US fell for the 53rd consecutive month (that’s like…four and a half years). And they’ve now taken a fall that is worse than the comparable figure from the 1930s.
According to the Financial Post:
And in the 1930s, the government wasn’t as keen to help out the market as they are today. They didn’t have such a Keynesian approach. A plethora of bones have been thrown to the housing market– but none are getting the real bite needed to spur a recovery.
And despite better employment numbers, the chief economist for Zillow said that these positive economic indicators will take a while to materialize in the housing market. So, hang in there, US homeowners. It’ll turn around. But for now, I guess the only thing to enjoy is being a part of history. Woooooo…