http://www.thebeerbarrel.net/showthread.php?8152-Housing-Collapse-Steeper-Than-During-Great-Depression
Dales said the collapse has eclipsed that of the Great Depression because the boom that preceded it was much bigger. Unlike during the 1920s, access to the housing market was far more open leading up to 2006.
"This boom was characterized by homeownership becoming the norm for pretty much anyone," Dales said, noting that the boom has effectively been thrown in reverse.
While the Stock markets have partially bounced back since the 2008 Wall Street collapse and the economy as a whole has been growing, the employment picture is bleak and housing continues to suffer.
The national jobless rate ticked up to 9.1 percent in May -- that was after the Standard & Poor's/Case-Shiller index issued a report showing home prices in a dozen metropolitan regions hit their lowest level in March since the collapse began. Nationally, prices hit a new post-collapse low in the first quarter, and have returned to roughly 2002 levels.
