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US housing market reaches depression-era milestone

Posted on 11 November 2010

A new report from Zillow research predicts a further decline in home prices because of increased foreclosures and high inventory. More than 1.17 out of every 1,000 homes in the U.S. were liquidated in September, the highest number since 1996.
Furthermore, the high level of foreclosures is expected to remain elevated as the number of homes with negative equity increased to 23.2%, up from 22.5% in the second quarter. This surge in distressed sales has taken its toll on Zillow’s Home Value Index, which dropped 0.4% from August to September and 4.3% from September 2009……………………………………….Full Press Release: Source

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