Housing prices drop at higher rate than Great Depression

National home values in November showed a drop of 26 percent since the housing peak in June 2006, officially surpassing the rate of decline seen during the Great Depression, according to Zillow.com.

The five years between 1928 and 1933 saw U.S. home values decline by 25.9 percent, just a fraction below the rate measured in November. That month was also the 53rd consecutive month of home value declines in the nation, with the national Zillow Home Value Index falling to $177,412.

Of the 157 metropolitan regions tracked by Zillow, 132 of them saw home values slide, 10 were unchanged, and 15 saw an increase. While the website reported that there was a slight dip in foreclosures that month, it warned that that it was an "artificial dip" created during the foreclosure slowdown that took place during the recent robo-signing scandals.

Those who are still looking to pack their moving boxes in spite of the unsteady market may be able to find some homes that will sustain their values. A recent CoreLogic report found that Maine, North Dakota and Wyoming all had higher home values in November, making those states the best options for anyone interested in relocation.

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