US property market reaching Great Depression levels, chief economist warns.


During the Great Depression, property values fell 25.9% over a five year period. According to a recent report by Zillow, values have now dropped nationwide 25% from the peak of the market in 2006. The report goes on to say “The length and depth of the current housing recession is rivaling the Great Depression’s real estate downturn, and with encouraging signs fading, will easily eclipse it in the coming months” .This report goes on to offer more sobering statistics on the current number of foreclosures and homeowners who are “underwater”. Read more…..if you dare to!


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