The downward spiral of housing prices is said to be worse than it has ever been. Yes, it is officially worse than at the time of the Great Depression. Researchers at think tank Capital Economics have come out with this stunning news. This rather pensive piece of information follows equally devastating news that house prices dipped again in March from Case-Shiller - and it only seems to be getting worse.
Paul Dales, senior economist at Capital Economics, writes that, according to the Case-Shiller measure, house prices have peaked well below the 2006 mark of 33% and have reached new heights last experienced by the nation in 2002. The house prices are now at 31%, which is the decline of the housing market last endured in the Great Depression.