A Great Depression for Housing

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By now it appears that the U.S. has avoided Great Depression-like unemployment levels, which would have exceeded 20%. But the housing market hasn't fared as well as jobs, according to real estate website Zillow. The housing collapse may be the worst in U.S. history, as home prices decline even more than they did during the Great Depression. Al Yoon at 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. Prices fell 0.8 percent over the month.

Of course, it isn't over yet, as prices are still declining.

Read the full story at Reuters.

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Daniel Indiviglio was an associate editor at The Atlantic from 2009 through 2011. He is now the Washington, D.C.-based columnist for Reuters Breakingviews. He is also a 2011 Robert Novak Journalism Fellow through the Phillips Foundation. More

Indiviglio has also written for Forbes. Prior to becoming a journalist, he spent several years working as an investment banker and a consultant.
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