Home Prices Plummet
If you're caught up financially in the housing bubble (who isn't these days?), you might want to skip this item. Home prices have fallen by 3.2 percent -- the sharpest drop in 20 years, while the median price for homes has gone down for the 12th consecutive month -- another record. That's not good news for a market eager to return to the good ol' days of easy loans and overpriced homes.If you’re caught up financially in the housing bubble (who isn’t these days?), you might want to skip this item. Home prices have fallen by 3.2 percent — the sharpest drop in 20 years, while the median price for homes has gone down for the 12th consecutive month — another record. That’s not good news for a market eager to return to the good ol’ days of easy loans and overpriced homes.
AS CHAOS UNFOLDS, FIND SOLID GROUND…AP:
U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor’s began its nationwide housing index in 1987, the research group said Tuesday.
The decline in home prices around the nation shows no evidence of a market recovery anytime soon, one of the architects of the index said.
MacroMarkets LLC Chief Economist Robert Shiller said the declining residential real estate market “shows no signs of slowing down.”
In this time of unprecedented challenges, independent journalism is more vital than ever. At Truthdig, we expose what power wants hidden and give you the clarity to make sense of it all.
Your donation helps ensure that truth telling continues.
Editorial Cartoons
Editorial Cartoons
If the global swoon in stock prices were to turn into something more serious, which candidates would benefit?
Republicans and the financial sector sequester the economic surplus in their own hands, price their economic rents to squeeze incomes, and then criminalize poverty as if the poor vote to be poor as a matter of choice!
Danny Schechter's new movie, "Plunder: The Crime of Our Time," tells the story of the economic collapse as "a crime narrative as opposed to a mistakes narrative."
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.