Housing Market Plunge Passes Depression's [View All]

[IScreamSundays]

Source: CBS

CBS) NEW YORK -- Home prices fell for the 53rd straight month in November, taking the decline past that of the Great Depression for the first time in the prolonged housing slump, according to Zillow.com.

Prices have fallen 26 percent since their peak in 2006, exceeding the 25.9 percent drop registered in the five years between 1928 and 1933, the housing data company reports.

The word comes on the heels of figures showing banks repossessed more than one million homes in the U.S. last year -- and they're expected to take back even more this year.

On "The Early Show" Thursday, Jason Cochran, Editor-at-Large at AOL's WalletPop.com, discuss what it all means for buyers, sellers, mortgage-seekers, people mulling refinancing or doing home improvements, and others:

Read more: http://www.cbsnews.com/stories/2011/01/13/earlyshow/main7243135.shtml