U.S. housing market enters “Depression Territory” : CNBC

According to the Zillow Home Value Index, the current housing crisis in the U.S. has surpassed that of the 25.9% decline observed during the Great Depression. The Index recorded a fall of 25.9% between 1928 and 1933. Since the peak of the U.S. bubble in June 2006, prices have now fallen 26%, with falls expected to continue for some time.

The November fall is the 53rd consecutive month of falling home prices. Prices have now been falling for 4 and a half years.

» Housing Market Slips Into Depression Territory – CNBC, 11th January 2011.

» Home Value Declines Surpass Those of Great Depression Zillow Blog, 11th January 2011.