Home prices are falling even faster than during the Great Depression
Posted on Thursday, June 5th, 2008 | In Current Market News, Energy Markets, Gold Markets, Stocks to WatchAre you ready for your daily dose of depression? And by that, I mean Great Depression …From the Economist:AS
HOUSE prices in America continue their rapid descent, market-watchers
are having to cast back ever further for gloomy comparisons. The latest
S&P/Case-Shiller national house-price index, published this week,
showed a slump of 14.1% in the year to the first quarter, the worst
since the index began 20 years ago. Now Robert Shiller, an economist at
Yale University and co-inventor of the index, has compiled a version
that stretches back over a century. This shows that the latest fall in
nominal prices is already much bigger than the 10.5% drop in 1932, the
worst point of the Depression. And things are even worse than they
look. In the deflationary 1930s house prices declined less in real
terms. Today inflation is running at a brisk pace, so property prices have fallen by a staggering 18% in real terms over the past year.
Last 5 posts by Sean Brodrick
- The Golden Phoenix - February 25th, 2009
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- Is Gold Poised for a Pullback? - January 6th, 2009
 About Sean Brodrick (http://blogs.moneyandmarkets.com/blog/red-hot-energy-and-gold)
Sean Brodrick joined Weiss Research in 2000 as an analyst, bringing more than 25 years experience as a journalist and financial analyst to the position. He is Weiss Research’s small-caps specialist, especially in natural resources, and is the editor of the company’s Red-Hot Canadian Small-Caps, as well as a regular contributor to its daily e-letter, Money and Markets. Previously, Mr. Brodrick was the investment director of The Sovereign Society, the world’s leading publisher of offshore asset protection strategies and global investment opportunities. Recognized for his expertise on natural resources and Canadian and Australian investment opportunities, Mr. Brodrick has been featured on many financial talk shows, including CNBC Squawk Box, Fox Business, CNN, The Glenn Beck Show, Your World with Neil Cavuto and Bloomberg Market Line. He is a weekly guest on Market Matters Radio, a contributing columnist to MarketWatch.com and a frequent commentator on one of Canada’s premiere financial websites, HoweStreet.com. His report, “70 Days to Empty,” has garnered acclaim for its analysis of the forces pushing America toward its next oil crisis and was described by The Daily Reckoning as “the most important report you’re likely to read this year,” while his knowledge of uranium has helped investors earn solid gains on the commodity. Mr. Brodrick holds a B.A. degree from the University of Maine. |
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