Report: Housing Market in 'Depression' Territory

By Jon E. Dougherty at 12 Jan 2011

(Newsroom America) -- A report Wednesday said that while the broader economy appears to be picking up steam, the housing industry has been left behind and is now in "Depression territory."

"Things were bad but the broader economy never reached Depression territory. The housing market, on the other hand, just crossed that threshold," CNBC reported.

Home values have fallen 26 percent since peaking in 2006; that's worse than the 25.9 percent decline seen during the Depression years of the early 1930s, CNBC reported, quoting Zillow.com, a real estate market and research firm.

The report said that November marked the 53rd consecutive month that home values have fallen.

"What’s worse, it’s not over yet: Home values are expected to continue to slide as inventories pile up, and likely won't recover until the job market improves," CNBC reported.

On its Web site, Zillow lists Sacramento, Calif., Austin, Texas, St. Louis, Portland, Ore., and Orlando, Fla., as the top cities for real estate.

The top states are Arizona, California, New York, Texas and Washington.

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