Saturday, May 31, 2008

First Qtr. National House Price Decline GREATER Than During Depression Says Shiller.

An Economist story HERE says that an analysis by Robert Shiller, coauthor of the Case-Shiller house index, indicates that the 14.1% first quarter national drop in home prices is HIGHER than the 10.5% drop in 1932, the worst year of the depression.

Because of inflationary pressures the Economist story says that the real, inflation adjusted national decline in home prices was even higher, reaching 18% in the first quarter.

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