Housing Downturn: Outlook is Bleak

Mark Zandi of Moody's:

''I think this housing downturn will be unprecedented in terms of its breadth across the country and in its severity,'' Zandi said. ''I don't think we have seen anything like this, certainly since the Great Depression, and back then housing was much less of a factor in terms of the overall economy because fewer people owned their own homes.''

Posted at January 18, 2008 01:11 AM

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