After pointing out the fact that U.S. housing prices have a good chance of suffering a greater decline than that of 30% seen during the Great Depression, Dr. Robert Shiller went on to say, "Basically, we're in uncharted territory. It seems we have developed a speculative culture about housing that never existed on a national basis before." Seeking Alpha wonders if there might be a darker implication behind those words than many would read into them, positing that an asset bubble as big as the one developed in real estate during the first half of the decade doesn't just happen by itself--and that historians, with the benefit of hindsight, will identify the current downturn as a long-term effect of Greenspan's term at the Fed and its impact on American culture. For that story and more, check out Big Builder's bi-weekly roundup of the latest in opinion and commentary across the Web.
Dr. Housing Bubble highlights six homes in six Southern California counties to illustrate the severity of the housing crash. In San Bernardino County, for example, a home which sold for $350,000 in September 2006 is currently listed with an asking price of $160,000--a mere $40,250 above the same home's 1984 sales price of $119,750.
A recent survey conducted in Australia reveals that retirees and married couples without children are perceived as the "best" neighbors, while students, unrelated individuals in shared housing, and families with teenagers are viewed as the "worst."
The Housing Bubble reports on downtown Boston's condo market, which, although it once appeared immune to the slowdown that hit the suburbs hard, has now begun to show signs of pain.
According to a new Pew Charitable Trusts report, Nevadans may be facing incredibly similar odds of falling into foreclosure or catching the flu. As reported in BusinessWeek's Hot Property, one in 11 Nevadans are expected to be in foreclosure within the next two years, while the odds of catching the flu are approximately one in 10.
Reggie Middleton's Boom Bust takes a look at Ambac Financial Group Inc., which lost 93% of its stock market value in the past year, according to Bloomberg.