U.S. Home Prices Fell Again in February (Standard & Poors)

[denem]

Source: NY Times

Housing prices slid in February back to their lowest level of the downturn, fresh proof — as if any were needed — that real estate remains one of the most troubled sectors of the economy.

By the thinnest of margins, the index failed to break new ground. It is now at 139.27, essentially the same as the low of 139.26 that it reached in April 2009.

Housing prices are falling despite the fact that banks have pulled back on foreclosures, which generally drive neighborhood prices down. They are falling despite low interest rates, which make houses more affordable. And they are falling despite the fact that they have already dropped by a third from their heady peaks in mid-decade.

“There is very little, if any, good news about housing,” the chairman of the S.& P. index committee. David M. Blitzer, said.

Read more: http://www.nytimes.com/2011/04/27/business/economy/27econ.html?partner=rss&emc=rss

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First I'd like to call out Joe Biden and the Delaware Boys for the atrocious 2005 Bankruptcy Act. How does it feel to have so many families out on the street Joe? You know, street, not Street. The fact that it was done to strengthen the actuarial value of collateral in CDO's speaks for itself.

Second, Phil Gramm and Bill Clinton for freeing bubble derivates from any oversight.

Third: What comes up. No one sees a problem with a 16% rise in prices per year, no matter how unsustainable. CDOs may have kept the Flippers alive for a couple more years but it was always going to buret in tears

[xchrom]

1. recommend

[plumbob]

2. Yep, it's always fun til somebody starts cryin'.....

Except the wrong bastids are cryin'. Gramm in particular needs to shed a tear or two, and I'd be happy to witness it!

Too happy! Nobody deserves to be that happy!

[denem]

3. Then there are serial killers like Alan Greenspan

still baying that rolling back regulation will strengthen growth. Ask the Irish.

[plumbob]

5. Yes, but that kind of murder seems to be acceptable.

I wonder why. I mean, at least John Wayne Gacy and others were under some personal risk.

These sainted bastids get off scot-free and are free to kill again.

[jtuck004]

4. And may well be going down further...

http://econproph.com/2011/04/18/house-prices-still-pretty-high-historically/

[bvar22]

6. If you own property in the suburbs,

SELL NOW for whatever you can get.
As the price of fuel continues to increase,
property values in the suburbs will continue to fall.


My Opinion Only

[Citizen Worker]

7. Essential to ending the drop in housing prices is employment and raising wages. If workers aren't

earning enough money to buy the "averaged priced home" those homes will stand vacant. Raise wages to support the housing costs and the homes will sell. Why aren't we talking about raising wages?