Wednesday, January 12, 2011

Home price drops exceed Great Depression: Zillow

Reuters reports:
Home prices fell for the 53rd consecutive month in November, taking the decline past that of the Great Depression for the first time in the prolonged housing slump, according to Zillow.

Home prices have fallen 26 percent since their peak in 2006, exceeding the 25.9 percent drop registered in the five years between 1928 and 1933, the housing data company said in a report on Monday.
Remember when the housing "experts" like former CEO con-man Franklin Raines said housing prices couldn't go down?