I have been in the real estate business for some time now. I mark time by recessions. This is either my third or fourth depending if you count the Dot Com Crash as a recession. I don't count that one as a recession by the way.
This one is actually my first depression or third recession depending on how you count depressions. If you lived through the Great Depression then this is probably not a big deal. Back then you were careful of falling bodies that might hit you when you walked down the street.
The long, tough, real estate drama that we have watched unfold for almost six years now will be with us for awhile longer. I had predicted 5 years with this being the year we came out of it. There are some signs that it might still happen in the next 2 quarters.
Almost one third of all home mortgages are under water now. That's not good. Median prices fell again this year. That's not good.
Here's an article from MSN with all the currect stats and some predictions:
http://realestate.msn.com/housing-prices-face-long-slow-recovery
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