In the past few years, we’ve all been careful to choose our words carefully, not calling it a recession until it fit the technical definition and avoiding any inappropriate use of the “D” word — Depression.Boo hoo.
Things were bad but the broader economy never reached Depression territory. The housing market, on the other hand, just crossed that threshold.
Home values have fallen 26 percent since their peak in June 2006, worse than the 25.9-percent decline seen during the Depression years between 1928 and 1933, Zillow reported. ...
What’s worse, it’s not over yet: Home values are expected to continue to slide as inventories pile up, and likely won't recover until the job market improves.
Thursday, January 13, 2011
CNBC: Housing is in a depression
The fall in housing prices over the past five years is greater than during the Great Depression:
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CNBC is just being pretentious. It writes "we’ve all been careful to choose our words carefully" -- right.
ReplyDeleteWho was the screaming lunatic on CNBC who complained about the mortgage help?
The U.S. economy isn't in a Depression (The media uses "Great Recession.") but CNBC tells us the housing market is in a "depression."
++Break to scary music, oooooooOOOOOoooooOOOOooooo+++
Bozos.
So, I guess this means from now on CNBC will refer to the housing market as being in a "depression."
I wonder what they will say about the rental market?
Oh, that was Santelli and it was a pro-market anti-little people rant, so it doesn't count (just like Santelli didn't start ranting until it was homeowners getting bailed out, not banks).
ReplyDeleteCNBC is just CYA to make sure they don't tick off the Emperor (their paymasters on Wall St) by saying he has no clothes (housing is DEAD). 'Cause...you know, the market is all psychology...fundamentals don't count. I'm sure you knew that...I just wanted to say it.
Bring back the tax credit! Only when the government intervenes in housing do we have any stability.
ReplyDelete"U.S. home prices fell 5.1% in November from a year earlier and are expected to go lower as the housing market struggles to find its recovery, according to a report Tuesday.
Real estate analytics firm CoreLogic said that single-family home prices declined for the fourth month in a row and at a faster pace. They dropped 3.4% in October year-over-year.
November declines occurred in 44 states, up from 18 in June when federal tax credits for home buyers were still pumping up sales. Sales and prices fell after the credits expired."
Shadow inventory about to see the light! All of you who have patiently, and wisely sat on the sidelines waiting for the selection of homes to increase will be rewarded. Enjoy!!!
ReplyDeleteIt's coming, no question.
Today's report from RealtyTrac serves as a warning to big banks, Fannie, Freddie and local communities; The foreclosure glut is coming, and they'd better be ready to get rid of that glut in a big way.
I cannot help but to roll my eyes at CNBC. I think the other comment is correct--now CNBC will use the word "depression" to describe the market. Ridiculous.
ReplyDeleteHello!
ReplyDeleteMy house is selling this year (developer is taking over the neighborhood to knock em all down to build apartments) do you have any idea in DC when the housing market will grow again? Im hoping I can but something else with the profit I make later this year.
Thanks!
"Shadow inventory about to see the light! All of you who have patiently, and wisely sat on the sidelines waiting for the selection of homes to increase will be rewarded. Enjoy!!!
ReplyDeleteIt's coming, no question.
Today's report from RealtyTrac serves as a warning to big banks, Fannie, Freddie and local communities; The foreclosure glut is coming, and they'd better be ready to get rid of that glut in a big way."
Anon - did you happen to get RealtyTrac's report for the DC area?
http://angelajones.housingtrendsenewsletter.com/show-local-market-data.cfm?pid=26&loadid=59
ReplyDelete"Suprime mortgages make up a larger
than average share of the Washington,
DC market, but rising prime
foreclosures are also becoming a
problem"
more gloom and doom that seems to be staple of the news oranizations. I don't pay a lot of attention Realty Trac and thier predictions. After all they have a stake in a bad market. like one commenter said. Its all psychological. Meanwhile the smart investors and buyers are puuting themselves in a great position
ReplyDeleteRalph, housing as an "investment" in Phoenix is dead. And you, sir, are a parasite.
ReplyDeleteHousing is in a depression? I can think of worse problems to worry about...
ReplyDeletehttp://www.youtube.com/watch?v=2ZqpVsUKHek (part 1 of 4)
Higher taxes
Reduced standard of living
Slow-motion collapse of the US dollar
Michael Hudson would know. He's not just some armchair economist. He told Iceland to tell the IMF to bugger off with their bailout, they did, and now they are rebounding -- unlike Greece and Ireland which are taking IMF the bailout and resulting austerity plan.
Fellow American citizens... please turn off the manipulative fabricated news on TV and wake up!