Home Foreclosures and Housing Inventory Burden
House prices continue to fall despite the massive money printing from the Federal Reserve. Highlighting the depth of the crisis and the inequality of bank lending. The February 2011 Case Shiller Home Price Index fell to 140.86 from 142.42 previously.
Home sales are critical in a consumer economy like America and explains why a pending home sales report can buoy a stock market.
Ominously David M. Blitzer, Chairman of the Index Committee warned “Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future”
Fight Foreclosure!: How to Cope with a Mortgage You Can’t Pay, Negotiate with Your Bank, and Save Your Home
The US recession is deep rooted in certain areas as the report shows Blitzer added, “With this month’s data, we find the same 11 MSAs posting new recent index lows. The 10-City and 20- City Composites continue to decline month-over-month and have posted monthly declines for six consecutive months now. “
Clearly the housing market recession is not yet over. Beware of government and industry justification as Mark Twain said, “there are lies, damn lies, and statistics.
Basically the QE and QE 2
Photo by marsmet47experiment aided the elite, stock owners of the bailed firms with the rest holding the bag. We have been burdened by higher food prices, fall in incomes and a house price that may be under water. Try selling it and you may be shocked at where the housing market is.
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