In both cases, their property lost completely its former value due to the lack of demand.
One of the most destructive factors that affected the US economy during the Great Depression what the shortage of the demand. Firms went bankrupt, many people lost their jobs and there was an extraordinary contraction in the demand side.
Two markets that had inflated prices before the Great Depression were the housing market and the market of agricultural products. Constant price increases were sustained due to a large demand triggered by high income figures and the availability of money in the economy (low interest rates). When the recession arrived, there was a sharp reduction in income, an increase in interest rates and a shortage of demand of the abovementioned markets, in relation to the supply, and therefore the prices plunged.
