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Zillow Report Warns Of Unprecedented Decline In Home Prices

Zillow just released a devastating third quarter housing report. Basically every major indicator is crashing: The decline in home values accelerated in September, dropping 0.4% month-over-month Foreclosures reached an all-time high A record 23.2% of mortgages are now underwater The double dip -- already a rare phenomenon -- is now entering an unprecedented free-fall. Zillow economist Stan Humphries says prices won't hit bottom until next summer at the earliest, as foreclosure activity grows. Humphries warns: “While not unexpected, the unceasing declines in home values signal that we’re in for a long, bleak winter of continued troubles for the housing market. The length and depth of the current housing recession is rivaling the Great Depression’s real estate downturn, and, with encouraging signs fading, will easily eclipse it in the coming months."

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