Home price drops exceed Great Depression: Zillow | Reuters
Oh wait a second, I thought the recession was over in 2009...By Al Yoon
NEW YORK | Tue Jan 11, 2011 8:40am EST
NEW YORK (Reuters) - 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.
CBC News - Money - Recession declared officially over
Yet home prices have fallen for 53 consecutive months... that's more then 4 years of straight decline.
So, how long before these prices bottom out and start to stabilize again?? How much more is your mortgage then the value of your house?? How low will the bottom be??
How long before people stop trusting the experts that keep saying 'don't worry, the worst is over'???
What's been the solution? THey are on 'QE2', and there are already rumors of a QE3... which is essentially printing money to cover the day to day expenses. That's about as effective as maxing out both your credit cards, so you get a third card so you can balance the debt with a higher limit... and then having rumors circulating of your plans to get a fourth credit card in the near future.... except worse because it's going out as 'taxpayer covered'...
Does this concern anyone else as it does me?