7 June 2011
Such numbers only worsen the economic situation of the US with its weak development and small housing demand.
Since 2006 the prices have fallen by 33%. And during Great Depression of the 1930s there was a decline of 30%-to-31%. 12 of the 20 MSA’s (metropolitan statistical area) surveyed showed prices lows in March.
And although the US economy seems to be improving, and jobs are being created, the pace of these developments is not enough to sustain growth and momentum in the housing market.
In addition to it, there are still many cases of foreclosures. Moreover, the number of homeowners with negative equity in their houses is growing because the prices are going down.