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2007 Market Crash Will Soon Dwarf the Great Depression

The length and depth of the current housing recession is rivaling the Great Depression’s real estate downturn, and, with encouraging signs fading, will easily eclipse it in the coming months.

November 11, 2010 (Hamsayeh.Net) - The Current depression in the United States and industrialized countries easily  rivals that of  the1930’s Great Depression era, Zillow Stan Humphries an expert familiar with housing market said in a report published by Business Insider.

Ever since the 2007 housing market crash, Obama and his economic team tried to see the crisis as only temporary  that will soon experience a dramatic rebound once the Federal Reserve takes control of the finances. So far the administration injected more some trillion dollars into the economy only to discover that this depression is far more structural than they presumed earlier.

According to Zillow 's latest report every major indicator is crashing, despite the incentives. He said the home values keep dropping while foreclosures reached an all-time high. Almost a quarter of all the North American nations’ mortgages are now underwater.

‘While not unexpected, the unceasing declines in home values signal that we’re in for a long, bleak winter of continued troubles for the housing market. The length and depth of the current housing recession is rivaling the Great Depression’s real estate downturn, and, with encouraging signs fading, will easily eclipse it in the coming months,’ explained Zillow.

Economists predict yet another round of market crash to follow in coming months which would lead to a severe economic depression far more complex and advanced than the pre WWII depression. Housing bubbles are now popping up in most European countries including France, Spain, Ireland, the UK as well as other courtiers around the world.

This worldwide housing market crisis, as well as continued US-led military adventures in Iraq, Yemen and Afghanistan in addition to the upcoming international currency wars should have the combined potential of either causing the World War III or lead to poverty levels not seen since before the French Revolution (1789-1799).