Zillow Study Shows Housing Slump Approaches Great Depression Levels - Business News - Portfolio.com

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Zillow Study Shows Housing Slump Approaches Great Depression Levels - Business News - Portfolio.com: "“While not unexpected, the unceasing declines in home values signal that we’re in for a long, bleak winter of continued troubles for the housing market,” Zillow chief economist Stan Humphries, said in a release. “The length and depth of the current housing recession is rivaling the Great Depression’s real estate downturn, and, with encouraging signs fading, will easily eclipse it in the coming months.”

More people are upside down on their mortgages, foreclosures are on the rise, and housing prices continue to fall in just about every one of the top 25 metropolitan markets.

The implications of such a slump are grave for entrepreneurs. Homes are most consumers’ biggest investments, of course, and if the value of those investments continues to free-fall, the chances of a strong consumer-led recovery are slim."

NOTE: they also mentioned that 143 banks have failed... this year