U.S. home prices have fallen more than during the Great Depression.

From the U.K. Independent (U.K.!?)

The ailing US housing market passed a grim milestone in the first quarter of this year, posting a further deterioration that means the fall in house prices is now greater than that suffered during the Great Depression.

… the average American home now costs 33 per cent less than it did at the peak of the housing bubble in 2007. The peak-to-trough fall in house prices in the 1930s Depression was 31 per cent – and prices took 19 years to recover after that downturn.

In Phoenix we only wish home prices had fallen 33 percent.

Phoenix area home prices have actually fallen a bit more than 50 percent, peak to trough.