Sunday, June 5, 2011

US house price fall 'beats Great Depression slide'

Where were all the green shoots from 2009 and 2010?  Didn't government statistics and the mainstream media declare the Great Recession ended in June 2009?  Why are all the "experts" surprised by the latest grim economic news?

http://www.independent.co.uk/news/business/news/us-house-price-fall-beats-great-depression-slide-2291491.html
The ailing US housing market passed a grim milestone in the first quarter of this year, posting a further deterioration that means the fall in house prices is now greater than that suffered during the Great Depression.

The brief recovery in prices in 2009, spurred by government aid to first-time buyers, has now been entirely snuffed out, and the average American home now costs 33 per cent less than it did at the peak of the housing bubble in 2007. The peak-to-trough fall in house prices in the 1930s Depression was 31 per cent – and prices took 19 years to recover after that downturn.

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