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Thread: Home price drops exceed Great Depression: Zillow

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    Home price drops exceed Great Depression: Zillow

    Home price drops exceed Great Depression: Zillow | Reuters

    By Al Yoon

    NEW YORK | Tue Jan 11, 2011 8:40am EST

    NEW YORK (Reuters) - Home prices fell for the 53rd consecutive month in November, taking the decline past that of the Great Depression for the first time in the prolonged housing slump, according to Zillow.

    Home prices have fallen 26 percent since their peak in 2006, exceeding the 25.9 percent drop registered in the five years between 1928 and 1933, the housing data company said in a report on Monday. Prices fell 0.8 percent over the month.
    Oh wait a second, I thought the recession was over in 2009...
    CBC News - Money - Recession declared officially over

    Yet home prices have fallen for 53 consecutive months... that's more then 4 years of straight decline.

    So, how long before these prices bottom out and start to stabilize again?? How much more is your mortgage then the value of your house?? How low will the bottom be??

    How long before people stop trusting the experts that keep saying 'don't worry, the worst is over'???

    What's been the solution? THey are on 'QE2', and there are already rumors of a QE3... which is essentially printing money to cover the day to day expenses. That's about as effective as maxing out both your credit cards, so you get a third card so you can balance the debt with a higher limit... and then having rumors circulating of your plans to get a fourth credit card in the near future.... except worse because it's going out as 'taxpayer covered'...

    Does this concern anyone else as it does me?

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    Re: Home price drops exceed Great Depression: Zillow

    Obama's mortgage modification schemes have only prolonged the agony of delinquent borrowers and the real estate market.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by BmanMcfly View Post
    Home price drops exceed Great Depression: Zillow | Reuters



    Oh wait a second, I thought the recession was over in 2009...
    CBC News - Money - Recession declared officially over

    Yet home prices have fallen for 53 consecutive months... that's more then 4 years of straight decline.

    So, how long before these prices bottom out and start to stabilize again?? How much more is your mortgage then the value of your house?? How low will the bottom be??

    How long before people stop trusting the experts that keep saying 'don't worry, the worst is over'???

    What's been the solution? THey are on 'QE2', and there are already rumors of a QE3... which is essentially printing money to cover the day to day expenses. That's about as effective as maxing out both your credit cards, so you get a third card so you can balance the debt with a higher limit... and then having rumors circulating of your plans to get a fourth credit card in the near future.... except worse because it's going out as 'taxpayer covered'...

    Does this concern anyone else as it does me?
    Not really a concern. The recession did end in 2009, but recession and house prices dont have much to do with each other.

    Like it or not the housing market in the US went nuts for 10 years with massive price rises and that takes time to get back to what it should be. Some places will go faster, others slower, but with the exception of the uber rich areas most likely, then house prices are still going decline for a while yet.

    And it of course does not help that US banks are so screwed up that they dont loan people money any more, and of course the fact that the average US consumer debt is huge.. people cant get money to buy houses, and that will push prices down too.
    PeteEU

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    Re: Home price drops exceed Great Depression: Zillow

    I'm going to be trying to sell a house soon. Not looking forward to it at all.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by American View Post
    I'm going to be trying to sell a house soon. Not looking forward to it at all.
    Good luck and break a leg and all that.
    PeteEU

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    Re: Home price drops exceed Great Depression: Zillow

    Until Obama starts to show same basic understanding of the facts about what is needed the economy will continue to suck.

    So far nothing he or any of his disciples have come up with has really worked and until he learns that his amateurs need to be replaced by people with some real business management talent and experience a mind set that contributes so much to the problem with despair will continue.

    Until people feel better about the direction we are going in economically they are not going to be spending and job numbers will continue to suffer for it.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Councilman View Post
    Until Obama starts to show same basic understanding of the facts about what is needed the economy will continue to suck.

    So far nothing he or any of his disciples have come up with has really worked and until he learns that his amateurs need to be replaced by people with some real business management talent and experience a mind set that contributes so much to the problem with despair will continue.

    Until people feel better about the direction we are going in economically they are not going to be spending and job numbers will continue to suffer for it.
    It too damn late for him to change things now, he should have done it from the start.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Albert Di Salvo View Post
    Obama's mortgage modification schemes have only prolonged the agony of delinquent borrowers and the real estate market.
    not for the 700,000 families who are able to stay in - and pay off - their homes but for the availability of HAMP
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Councilman View Post
    Until Obama starts to show same basic understanding of the facts about what is needed the economy will continue to suck.

    So far nothing he or any of his disciples have come up with has really worked and until he learns that his amateurs need to be replaced by people with some real business management talent and experience a mind set that contributes so much to the problem with despair will continue.

    Until people feel better about the direction we are going in economically they are not going to be spending and job numbers will continue to suffer for it.
    let me guess, you want to break out that trite republican solution to any American problem: lower taxes
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by justabubba View Post
    let me guess, you want to break out that trite republican solution to any American problem: lower taxes
    Let me guess, you want to break out that trite democrat solution to any American problem: steal income.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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