1/11/11, "Housing Market Slips Into Depression Territory," CNBC.com, C. Perman
"In the past few years, we’ve all been careful to choose our words carefully, not calling it a recession until it fit the technical definition and avoiding any inappropriate use of the “D” word — Depression.
- Things were bad but the broader economy never reached Depression territory.
The housing market, on the other hand, just crossed that threshold.
- Home values have fallen 26 percent since their peak in June 2006,
worse than the 25.9-percent decline seen during the Depression years between 1928 and 1933, Zillow reported.
November marked the 53rd consecutive month (4 ½ years) that home values have fallen.
- What’s worse, it’s not over yet:
Home values are expected to continue to slide as inventories pile up,
- and likely won't recover until the job market improves."...
(My understanding is the private sector job market can't possibly improve since we've exported too many jobs. ed.)
via Hot Air
