Home prices fell for the 53rd consecutive month in November, taking
the decline past that of the Great Depression for the first time in
the prolonged housing slump, according to Zillow.
Home prices have fallen 26 percent since their peak in 2006, exceeding
the 25.9 percent drop registered in the five years between 1928 and
1933, the housing data company said in a report on Monday. Prices
fell 0.8 percent over the month.
It is a dubious milestone for the U.S. housing market which has
failed to gain much traction despite a host of government programs to
reduce delinquencies and encourage demand with temporary tax credits
and lower interest rates. Many economists expect further price drops,
even if there are some anecdotal signs of growing demand, such as in
pending home sales data.
"For the next six to nine months, the larger factors affecting the
housing market that will produce more home price declines will be the
excess inventory of homes, high negative equity and foreclosure rates,
and weakened demand due to elevated employment, Stan Humphries,
Zillow's chief economist, said in a blog post.
Declines are accelerating, and it will take a while before falling
unemployment and other signs of economic improvement support the
market, Zillow said.
Home prices fell at a 0.78 percent pace in November, the fastest since
February 2009, the company said.
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