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CNBC: Housing Market Slips Into Depression Territory

"Welcome to the desert of the real."

Housing Market Slips Into Depression Territory
Tuesday, 11 Jan 2011 | 10:52 AM ET
By: Cindy Perman

In the past few years, we’ve all been careful to choose our words carefully, not calling it a recession until it fit the technical definition and avoiding any inappropriate use of the “D” word — Depression.

Things were bad but the broader economy never reached Depression territory. The housing market, on the other hand, just crossed that threshold.

Home values have fallen 26 percent since their peak in June 2006, worse than the 25.9-percent decline seen during the Depression years between 1928 and 1933, Zillow reported.

November marked the 53rd consecutive month (4 ½ years) that home values have fallen.

What’s worse, it’s not over yet: Home values are expected to continue to slide as inventories pile up, and likely won't recover until the job market improves.

http://www.cnbc.com/id/41019790

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Thanks for posting Steve

good to see MSM covering this.

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NEWS FLASH! Its been in

NEWS FLASH! Its been in depression since 2007!