From: Subject: Housing and Economy: Housing Market Slips Into Depression Territory - CNBC Date: Sat, 15 Jan 2011 22:14:59 -0800 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0000_01CBB501.A5D33C30" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.5994 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01CBB501.A5D33C30 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.cnbc.com/id/41019790 Housing and Economy: Housing Market = Slips Into Depression Territory - CNBC =
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<= /DIV>

Housing Market Slips Into Depression = Territory

Published: Tuesday,=20 11 Jan 2011 | 10:52 AM ET
Text Size
By: Cindy = Perman
CNBC.com=20 Staff Writer
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As the economy revs = back to life,=20 with signs of hiring on the = horizon,=20 the housing market is being left behind like Macaulay Culkin in = =93Home=20 Alone.=94

3D"Macaulay

AP
Macaulay Culkin
In the past few years, we=92ve all been = careful to=20 choose our words carefully, not calling it a recession until it fit the=20 technical definition and avoiding any inappropriate use of the =93D=94 = word =97=20 Depression.

Things were bad but = the broader=20 economy never reached Depression territory. The housing market, on the = other=20 hand, just crossed that threshold.

Home values have = fallen 26 percent = since their=20 peak in June 2006, worse than the 25.9-percent decline seen during the=20 Depression years between 1928 and 1933, Zillow reported.

November marked the=20 53rd consecutive month (4 =BD years) that home values have = fallen.

What=92s worse, it=92s = not over yet:=20 Home values are expected to continue to slide as inventories pile up, = and likely=20 won't recover until the job market improves.

And while the = president is=20 physically protected in an emergency, whisked to a bunker at an = undisclosed=20 location, the actual White House is not: The value of 1600 Pennsylvania Avenue = has=20 dropped by $80 million, or nearly 25 percent since the peak of the = housing boom.=20 It=92s current value is $251.6 million, according to Zillow, down from = $331.5=20 million.

Oh-h say can you see = =85 by the=20 dawn=92s ear-ly light =85

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