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Survey: Value of homes now lower than during Great Depression

Home values at their lowest ever

Home values at their lowest ever

Economists that predicted a financial crisis similar to the Great Depression are looking like soothsayers today, as the housing market continues to experience declines that haven't been seen since 1929. In fact, the declines are even worse.

According to the Zillow Home Value Index, home value prices have tumbled 26 percent since June 2006, what economists attribute as being the height of the housing value market. That percentage officially eclipses the 25.9 percent home value decline the market experienced between 1928 and 1933.

Zillow's Home Value Index tracked 157 metro areas on a year-to-year basis and 86 percent of the areas tracked experienced housing value declines. Just 5 percent experienced increases. Nearly identical housing value declines were seen on a month-to-month basis as well.

Despite the declining home values, there is some good news in the housing marketplace. Mortgage rates are at their lowest levels in decades, both short-term and long-term, adjustable and fixed. Combined with the 23 percent jump in housing markdowns, it's never been easier to purchase a home at a low price.