When Paul Dales, senior U.S. economist for Capital Economics, released his study earlier this week under the headline: Housing Collapse Steeper Than During the Great Depression, it caused quite a stir.
The economist’s numbers indicate that the U.S. housing collapse is now worse than during the Great Depression and said that the market likely will continue to fall for the rest of the year before going stagnant, according to a report published on FoxNews.com.
What got most people upset was that he compared our current situation to the Great Depression. He later said his numbers only related to the value of homes during the two time periods.
But for those who have lost their jobs, are losing their homes and no longer have retirement accounts, what’s the real difference? We shouldn’t be arguing over semantics, we should be working on the problem.
As for how bad the current situation is relative to home prices, those reading this blog have already read that news.
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