Study: Housing Market Has Fallen More Than During The Great Depression
And now for your midweek dose of gloom and doom:
Paul Dales, senior U.S. economist for Capital Economics, predicted home prices would fall another 3 percent over the rest of 2011 before potentially hitting bottom.
“Even when that happens, I don’t think we’re going to see any significant or sustained rises,” he told FoxNews.com Wednesday, predicting “a couple years of pretty much no recovery whatsoever.”
The bleak prediction comes after he released a report estimating that since the collapse began from the pricing peak of 2006, prices have fallen 33 percent — more than the 31 percent dive recorded between the 1920s and 1930s.
Just another success story of Obamanomics.