As I wrote earlier, even the Great Depression housing market wasn’t as bad as current market. Prices have fallen 26 percent from their peak in June of 2006. That’s good for 53 continuous months of decline!
And it’s not just Main Street that’s affected. According to Zillow.com‘s admittedly loose estimates, the White House itself has lost nearly 25 percent of its value since the real estate bubble burst. That’s a plunge of more than $80 million from $331.5 million to $251.6 million.
If prices keep falling, it’ll be difficult for President Obama to take out the home equity loans he might need to finance the bailout packages!
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