{"id":199461,"date":"2007-07-25T21:45:00","date_gmt":"2007-07-26T02:45:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/07\/25\/home-price-depreciation-at-levels-not-seen-since-the-great-depression\/"},"modified":"2007-07-25T21:45:00","modified_gmt":"2007-07-26T02:45:00","slug":"home-price-depreciation-at-levels-not-seen-since-the-great-depression","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/07\/25\/home-price-depreciation-at-levels-not-seen-since-the-great-depression\/","title":{"rendered":"Home price depreciation at levels not seen since the Great Depression&#8221;"},"content":{"rendered":"<p>At the Big Picture, there are<a href=\"http:\/\/bigpicture.typepad.com\/comments\/2007\/07\/countrywide-hom.html\">some thoroughly shocking quotes from Countrywide Financial Chief Executive Angelo Mozilo<\/a>.<\/p>\n<p>I agree with Mr. Ritholtz&#8217;s assessment that the shocker quote is, &#8220;<span style=\"font-style: italic;\">Company is seeing home price depreciation at levels not seen since the Great Depression<\/span>&#8220;.<\/p>\n<p>FWIW, Mr. Mozilo also said, &#8220;<span style=\"font-style: italic;\">no one saw the deterioration of real estate values coming<\/span>&#8220;.  I beg to differ.<\/p>\n<p>There were a few people, including me, who were noting that house prices were insane, as early as 2002.  (Not on this blog, on a message board)<\/p>\n<p>I&#8217;ve also said that the dollar and the balance of payments in the US is unsustainable, and this will create a situation where interest rates going up makes real estate illiquid, and rates going down puts the US dollar through the floor.<\/p>\n<p>We&#8217;ll see how it goes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At the Big Picture, there aresome thoroughly shocking quotes from Countrywide Financial Chief Executive Angelo Mozilo. I agree with Mr. Ritholtz&#8217;s assessment that the shocker quote is, &#8220;Company is seeing home price depreciation at levels not seen since the Great Depression&#8220;. FWIW, Mr. Mozilo also said, &#8220;no one saw the deterioration of real estate values &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1261,1265],"tags":[],"class_list":["post-199461","post","type-post","status-publish","format-standard","hentry","category-bubble","category-housing-crash"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/199461"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=199461"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/199461\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=199461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=199461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=199461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}