Hordes of people who invested their life savings in the market were wiped out during the punishing “black days” of late October 1929. Stock values had begun to soften in September of that year, but on Thursday, October 24, mass selling caused the prices of the stocks to drop dramatically as brokers couldn’t find buyers to keep the stock value

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The worst feature about real estate in a depression is that it is illiquid and cannot be sold at any price. If it is free of mortgage the owner may hold on until normal times—but in most cases it is subject to mortgage—he cannot collect his rent from the tenants—and cannot pay on his mortgage or taxes and eventually loses his equity by the

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