“It’s 1929 all over again,” said Talbott, a former Goldman Sachs vice president. “This is big Depression-type stuff.”
This article visits a worst-case scenario that some people think the market may realize. Once again, the point is made that while the housing market has never declined as a national average, prices have certainly declined locally. There’s a nice chart on the page that shows how long it took for homeowners to recoup their investments when they bought their house at the top and watched their value drop as much as 23%.