This housing crisis is NOT the Great Depression

The subject line of one email HousingWire received Tuesday from the Toronto-based firm read: “US Housing Market Monthly – Worse than the Great Depression.” Coverage on CNBC, later aggregated by the Drudge Report, stated “the housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.” The economist who wrote the note, Paul Dales, said the level of press coverage surprised him. He said the actual eight-page, 24-chart report focused little on the generational comparison, which happened unintentionally, despite taking prominence in the email subject line.

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