NEW YORK - November 10, 2010 - Online real estate marketplace Zillow.com just released a devastating third quarter housing report. Basically every major indicator is crashing:

• The decline in home values accelerated in September, dropping 0.4% month-over-month
• Foreclosures reached an all-time high
• A record 23.2% of mortgages are now underwater

The double dip - already a rare phenomenon - is now entering an unprecedented freefall. Zillow economist Stan Humphries says prices won't hit bottom until next summer at the earliest, as foreclosure activity grows.

Humphries warns, “While not unexpected, the unceasing declines in home values signal that we’re in for a long, bleak winter of continued troubles for the housing market. The length and depth of the current housing (Depression) is rivaling the Great Depression’s real estate downturn, and with encouraging signs fading, will easily eclipse it in the coming months."