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US Housing Crisis Is Now Worse Than Great Depression

Posted By admin On June 15, 2011 @ 3:19 am In Money Watch | Comments Disabled

Jeff Cox
CNBC.com [1]
June 15, 2011

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 news comes as the Federal Reserve considers whether the economy has regained enough strength [2] to stand on its own and as 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, senior economist at Capital Economics in Toronto, wrote in research for clients.

Full article here [1]

US Housing Crisis Is Now Worse Than Great Depression  150709banner2 [3]

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URLs in this post:

[1] CNBC.com: http://www.cnbc.com/id/43395857

[2] the Federal Reserve considers whether the economy has regained enough strength: http://www.cnbc.com/id/43391458/

[3] Image: http://www.prisonplanet.tv/

[4] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[5] Housing Slump Worse than the Great Depression: http://www.prisonplanet.com/housing-slump-worse-than-the-great-depression.html

[6] The “Current Housing Recession is Rivaling the Great Depression’s Real Estate Downturn [and] Will Easily Eclipse It In the Coming Months”: http://www.prisonplanet.com/the-current-housing-recession-is-rivaling-the-great-depression%e2%80%99s-real-estate-downturn-and-will-easily-eclipse-it-in-the-coming-months.html

[7] More Economists Say Crisis Is Worse Than Great Depression: http://www.prisonplanet.com/more-economists-say-crisis-is-worse-than-great-depression.html

[8] Nobel Prize Winning Economist: Crisis As Bad As Great Depression Or Worse: http://www.prisonplanet.com/nobel-prize-winning-economist-crisis-as-bad-as-great-depression-or-worse.html

[9] The Crisis Is Imminent: “When The Real Crash Comes It Will Be Worse Than the Great Depression”: http://www.prisonplanet.com/the-crisis-is-imminent-%e2%80%9cwhen-the-real-crash-comes-it-will-be-worse-than-the-great-depression%e2%80%9d.html

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