Home prices fell more than during Great Depression

May hit bottom this spring

Jay Blazek Crossley, Jan 17, 11.

Housing prices fell 26% since their peak in 2006, falling for the 53rd straight month, according to Zillow.com, surpassing when home prices fell 25.9% during the Great Depression, according to CBS News.

However, home prices should bottom out this spring and begin a rebound, reports Frank Nothaft, chief economist and vice president of housing lender Freddie Mac, according to Reuters Nothaft explains that many who postponed moving into their own homes over the last several years are poised to take advantage of low prices and favorable interest rates, while earlier research indicates that much of the housing crisis relates to major demographic changes and the inability of the marketplace to provide housing choices to meet demand.