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
- Conference delves into effects of climate change on native people
- History professor says the Vikings never came to Newfoundland
- NYT praises James McPherson for finding a way to remain objective about Jeff Davis
- Historian says the removal of Nazi-era art to Switzerland makes restitution unlikely
- Martin Kramer blasts MESA and Steven Salaita