Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data (here) and (here).
The news comes as the Federal Reserve considers whether the economy has regained enough strength to stand on its own and as unemployment remains at a still-elevated 9.1 percent, throwing into question whether the recovery is real.
Says Wilbur Ross, Chairman and CEO of Ross and Company government policy has made the problem worse:
“The consumer still hasn’t been rehabilitated,” Ross said. “All the meddling in the real estate side of life has not fixed residential real estate. If anything I think it’s made it worse, because it’s extending out the foreclosure time lines and putting more uncertainty and more downward pressure.”
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