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.
Read the full story at Reuters.
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