US housing crisis is now worse than Great Depression

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% since the market began its collapse, greater than the 31% 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 to stand on its own and as unemployment remains at a still-elevated 9.1%, 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.

More: http://www.moneycontrol.com/news/world-news/us-housing-crisis-is-now-worse-than-great-depression_557343.html

Because frankly, I think we need to drop the rainbows and lollipops thing and start worrying about the tsunami gathering on our coasts, and everywhere in between.

or they'll lay off the rest of us.

like we saw from 1994-2005. The higher you go, the further you can fall.

But the very same thing happened in the 80's. That pendulum swings from high to low and those that don't remember the past, well we all know how that goes.
Houses that were built in the 50's and 60's should never go for over 1/4 million. Those homes and older should be $100,000 at most. My dad sold real estate and I remember seeing some of his listings on a print out flyer for $29,000 in the late 70's. My brother bought a property in Lancaster Ca in 1996 which had 3 older homes on it and some land for $30,000. That same brother also bought a Condo in Simi Ca in 98 for $84,000 and sold it sometime in 2004 for $214,000

We moved into this particular city two years ago, and some of the houses that were for sale at that time STILL have a "For Sale" sign in the front yard; a lot of them are now listed as "For Sale by Owner" rather than with a realtor.

Laissez le Bon temp rouler!