Another Great Depression for Housing?

great depression
great depression

Fred Stevens, a policeman in Ohio, saw his house value drop from a peak of $103,000 when he refinanced in 2006 to a current low of less than $40,000. "I could have walked away, but wanted to do the right thing." November 2010 housing prices declined more in the current market than during the Great Depression, according to Zillow.

Whether prices have surpassed the price drop or not, individuals are certainly feeling the pain.

Stevens has been trying for the last two years to work out a short sale agreement with the help of American Homeowner Preservation (AHP), but the bank won't agree to the terms. Stevens faced financial difficulties following a divorce, loss of parent and other medical issues.