The collapse of residential real estate prices just officially exceeded the scale of the Great Depression’s housing crisis. Using mortgages as a welfare program turned out to be long-lasting poison.
Home prices have fallen by 33%, according to Standard & Poor’s Case-Shiller data, since the housing market began its long, hard collapse in 2006 — with a further decline expected in the months ahead.
- “Housing crisis even worse than during Great Depression” and related posts (thenewspundit.com)
- U.S. Housing Crisis Now Officially Worse Than Great Depression (huffingtonpost.com)
- Study: Housing Collapse Steeper Than During Great Depression (foxnews.com)
- US Housing Crisis Officially As Bad As Great Depression – CNBC (livingstrongandhappy.blogspot.com)
- Housing Crash Continues, Now Worse Than the Great Depression (robertlindsay.wordpress.com)
- Housing crisis even worse than during Great Depression (americablog.com)
- Housing prices will fall another 20 percent (csmonitor.com)