It's official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.
Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.
The unemployment remains at a still-elevated 9.1???? percent, throwing into question whether the recovery is real.
"The sharp fall in house prices in the first quarter provided further confirmation that this housing crash has been larger and faster than the one during the Great Depression," Paul Dales.
According to Case-Shiller, prices dropped 1.9 percent in the first quarter, a move that the firm interpreted as a clear double dip in prices.
Moreover, Dales said prices likely have not completed their downturn.
"Nonetheless, prices are likely to fall by a further 3 percent this year, resulting in a 5 percent drop over the year as a whole."
Prices continue to tumble despite affordability, which by most conventional metrics is near historic highs.
Moreover, Dales said prices likely have not completed their downturn.
"Nonetheless, prices are likely to fall by a further 3 percent this year, resulting in a 5 percent drop over the year as a whole."
Prices continue to tumble despite affordability, which by most conventional metrics is near historic highs.
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