Study: Housing Collapse Steeper Than During Great Depression
The author of a study claiming the U.S. housing collapse is now worse than during the Great Depression warned Wednesday that the market likely will continue to fall for the rest of the year before going stagnant.
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....
comments powered by Disqus
- Senate has a secret book of rules
- How the Vikings Saved Europe and Got a Terrible Reputation
- Hard Hats On: Members of the Media Tour Exhibits under Construction at the National Museum of American History
- Shaman dancers, coolies and suffragettes: rare photos of 1900s Beijing discovered from Austrian archive
- England's King Richard III died painfully on battlefield
- Pro-Israel groups going after federal support of Middle East Studies
- 100th Anniversary of Beard's 'An Economic Interpretation of the Constitution' commemorated
- University of Illinois Bigwig to Native American Studies scholar Jean O’Brien: Drop Dead
- 2 of 21 MacArthur Fellows for 2014 are historians
- Ken Burns electrifies Jon Stewart show