Housing in Deepest decline since Great Depression

Housing in Deepest decline since Great Depression

]custommarketwatch.com

CHICAGO (MarketWatch) -- Housing is in its "deepest, most rapid downswing since the Great Depression," the chief economist for the National Association of Home Builders said Tuesday, and the downward momentum on housing prices appears to be accelerating.

The NAHB's latest forecast calls for new-home sales to drop 22% this year, bringing sales 55% under the peak reached in late 2005. Housing starts are predicted to tumble 31% in 2008, putting starts 60% off their high of three years ago.

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Looks like this will continue to plague into 2009. And it's slated to become MUCH worse before it turns around. I wonder how many people will end up homeless before this is through? So sad...

]custommarketwatch.com
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