Skip navigation

There Must Be A Pony In Here Somewhere


Current DateTime: 01:26:34 23 Feb 2012
LinksList Documentid: 28897362
Expiration DateTime: 2/23/2012 1:27:42 AM

CONTRIBUTORS


Current DateTime: 01:26:34 23 Feb 2012
LinksList Documentid: 43857646
  • Cindy Perman

      News Editor at CNBC.com and the author of The Pony Blog (ponyblog.cnbc.com). She has also written a book, “New York Curiosities,” and does stand-up comedy.

  • Jane Wells

      CNBC business news reporter, based in Los Angeles, covering the defense and technology industries. She writes the CNBC.com blog Funny Business.

#PONYBLOG ON TWITTER

ABOUT THIS BLOG

The news can get a little heavy sometimes, with debt crises, vicious markets and crappy earnings reports. So, we dispatched our crack reporters, Cindy Perman and Jane Wells, to find some levity amid all this seriousness. May we offer you a Keynesian cocktail with a side of bacon?

Why a Pony? To be clear, there were no ponies harmed in the making of this blog. The blog’s name, “There Must Be a Pony In Here Somewhere,” comes from an old joke, a favorite of Ronald Reagan’s, that essentially means, with a pile of you-know-what this big, there MUST be a pony—a bright side—in here somewhere!

Subscribe


Current DateTime: 01:26:34 23 Feb 2012
LinksList Documentid: 43860133
Email the Pony Blog

Housing Market Slips Into Depression Territory

Published: Tuesday, 11 Jan 2011 | 10:52 AM ET
Text Size
By: Cindy Perman
CNBC.com Staff Writer

As the economy revs back to life, with signs of hiring on the horizon, the housing market is being left behind like Macaulay Culkin in “Home Alone.”

Macaulay Culkin
AP
Macaulay Culkin

In the past few years, we’ve all been careful to choose our words carefully, not calling it a recession until it fit the technical definition and avoiding any inappropriate use of the “D” word — Depression.

Things were bad but the broader economy never reached Depression territory. The housing market, on the other hand, just crossed that threshold.

Home values have fallen 26 percent since their peak in June 2006, worse than the 25.9-percent decline seen during the Depression years between 1928 and 1933, Zillow reported.

November marked the 53rd consecutive month (4 ½ years) that home values have fallen.

What’s worse, it’s not over yet: Home values are expected to continue to slide as inventories pile up, and likely won't recover until the job market improves.

And while the president is physically protected in an emergency, whisked to a bunker at an undisclosed location, the actual White House is not: The value of 1600 Pennsylvania Avenue has dropped by $80 million, or nearly 25 percent since the peak of the housing boom. It’s current value is $251.6 million, according to Zillow, down from $331.5 million.

Oh-h say can you see … by the dawn’s ear-ly light …

[GE  Loading...      ()   ]

More on the Economy:

Questions? Comments? Email or drop a line in the comment box below.

More from The Pony Blog: ponyblog.cnbc.com

© 2012 CNBC.com


Current DateTime: 01:25:37 23 Feb 2012
LinksList Documentid: 29778428

Current DateTime: 03:38:30 22 Feb 2012
LinksList Documentid: 29779196

Current DateTime: 12:30:55 22 Feb 2012
LinksList Documentid: 29779197

Current DateTime: 09:06:38 22 Feb 2012
LinksList Documentid: 29779199
CNBCCNBC
About CNBC  |  Site Map  |  Video Reprints   |  Advertise  |  Help  |  Contact
Privacy Policy  |     |  Terms of Service  |  Independent Programming Report
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2012 CNBC LLC.  All Rights Reserved.
A Division of NBCUniversal
Thomson ReutersThomson Reuters