Collapse in US housing prices now greater than during Great Depression

The UK newspaper, the Independent, had a poignant article yesterday.

The paper notes that the ailing US housing market passed a grim milestone in the first quarter of this year.  Housing in the US has now deteriorated to the point that the collapse in house prices is now greater than that suffered during the Great Depression.

"The brief recovery in prices in 2009, spurred by government aid to first-time buyers, has now been entirely snuffed out, and the average American home now costs 33% less than it did at the peak of the housing bubble in 2007. The peak-to-trough fall in house prices in the 1930s Depression was 31% – and prices took 19 years to recover after that downturn."

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