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Last Decade's Housing Slump Was Worst Since Great Depression

Comstock/Thinkstock(WASHINGTON) -- The bigger the housing sales were during the last decade, the harder they fell, according to figures released Thursday by the Census Bureau.

Until the housing bubble burst in 2007, sales of homes in the U.S. were on pace to be at an historic high.  However, that all changed with the recession and the slump that ended the first decade was the worst since the Great Depression of the 1930's.

To get an idea of how the mighty have fallen, housing starts in 2005 numbered a whopping 2.1 million in 2005.  By 2010, they were down to around 587,000.

Needless to say, industry analysts say there were far more homes built than there were buyers, which helped lead to the collapse.

Yet, the Census Bureau says despite all the doom and gloom found in the report, the rate of home ownership from 2001 through 2010 was 65.1 percent -- the second highest since records began being kept in the 1890s.  Ninety percent of the buying occurred before 2007.

Copyright 2011 ABC News Radio

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