We are experiencing home price depreciation almost like never before, with the exception of the Great Depression.
Housing is contracting at an accelerating pace, taking out with a vengeance the brief stabilization at the turn of the year, when mild weather and plunging gas prices supported activity.
Foreclosures [statewide] soared to 17,408 for the three months ended June 30, an increase of 799% from the same period last year. The current rate handily exceeds the previous foreclosure peak set in 1996, when the state was in the final throes of a six-year slump....Most analysts say the housing market won't stabilize until 2008 or 2009. The so-called soft landing that was much talked about last year is rarely mentioned anymore.
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