Housing Prices Fall Lower; Worse Than Great Depression

The decline in housing prices during the Great Depression of the thirties peaked at a average loss of 25.9%. In November of last year, the current decline ticked past that landmark to hit 26%.
January 12, 2011, 12pm PST | Tim Halbur
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While signs are still looking up for the economic climate as a whole, housing prices failed to stabilize or grow at the end of 2010, according to Zillow.

The San Jose Mercury News reports that November "marked the 53rd consecutive month of home value declines, with the Zillow Home Value Index (ZHVI) falling 0.8% from October to November, and falling 5.1% year-over-year."

But Jonathan Berr at the 24/7 Wall Street blog says Zillow's data smells fishy:

"For one thing, the Zillow Home Value Index describes itself as 'the Mid-point of Zestimate valuations for the US.' The Zestimate, for the uninitiated, is 'Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value.'"

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Published on Tuesday, January 11, 2011 in The San Jose Mercury News
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