The Great Depression Continues
BREAKING NEWS: New Home Sales Up in April, First Increase in Six Months
...however, this might have something to do with it:
S&P: US home prices tumble a record 14.1 pct in 1Q
...however, price adjustments are in order after a bubble.
posted by John | 7:37 AM
4 Comments:
this is getting quite serious - our neighbor's home appraised at $129,000 (2,000 sq.ft., three years old on one acre) last year about this time.
they are wanting to get closer to his work approximately 25 miles away due to the cost of fuel - they had their home appraised last week - so sad it appraised at $81,000.
I bet it would have been appraised at less than $81,000 eight years ago, though.
All the governments got to do to get home prices back up again is to stop spreading the easy credit around amongst the uncreditworthy. And isn't that kinda what happened in April? The government threw a $1 trillion into the mortgage investment pot, promised to help bail out all the current deadbeats and then spread future losses in the form of FHA PMI premiums slapped on less-risky buyers?
Of course, that will only last until the next "Fair Credit" in lending lawsuit get's filed...
"isn't that kinda what happened in April?"
That's exactly what started it all years before April.
Got us out of the last recession, though. There are still more homeowners than at any time in history, 96% of them are paying their mortgages, and the new luxury condos and apartment buildings that weren't here 5 years ago ain't Hoovervilles.
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