In the latest report from Zillow, the data show a 0.6% drop in home prices in October, down 5.0% from a year ago; confirmation of what nearly every other home price index is indicating, that a double-dip in home prices is now well under way.
Interestingly, author Stan Humphires notes that, from the peak, home values are now down about 26%, the same as during the Great Depression. It’s important to remember, however, that homeownership is now almost double what it was back then – almost 70% versus closer to 40% in the 1930s – and most of the foreclosures that occurred during that time were farms, not private residences.
