Case-Shiller falls in January;
Home prices in the U.S. fell for the fifth month in a row in January to the lowest level since early 2003, a closely followed index showed on Tuesday. The S&P/Case-Shiller 20-city composite index fell 0.8%. The three-month rolling index includes transactions that took place from November to January…
Rachel Lucas is actually back blogging again, with wonderful long posts with scads of pictures.
A Month in London is vintage Lucas.
So much better than her regrettably brief “return” early last year that Instapundit noted.
Spread the word.
And it still has to fall about another 25% to start bringing it back into real world prices. But not to worry.The Zero will artificially jack it up to save his wall street buddies.More bucks for his treasury means he can borrow/print multi-billions more!!
Recent deals cut with the banks are making it possible for them to dump some of their zombie inventory onto the market supressing prices in some markets. At the current rate it’s going to take years to unwind the slack in the market and reach a firm bottom in the market.
At the current rate it’s going to take years to unwind the slack in the market and reach a firm bottom in the market.
~Gord Tulk
Meanwhile the B-Boomers are aging and dieing off leaving behind even more inventory.
Bottom line: Nothing is going to go in the direction Capn’ WaffleSnarfer needs any time soon to help his re-election chances.
We should not get to smug here in Canada.
http://www.greaterfool.ca/2012/03/22/moral-hazard/
“By every measure, Canada’s exceeded the orgiastic housing excess that preceded the American real estate implosion, including the government’s key role in making shelter unaffordable for the average family.
A greater proportion of our economy’s now dependent on building, selling and financing real estate than was ever the case in the US…”
I know it is Garth Turner but he makes some very valid points.
Garth Turner has never made a valid point. We don’t have banks lending money to people that don’t have it.
Talked to an Oblamer voter at a BP gas station.
He was bitching about putting $4.35 a gallon gas in his unleaded premium gas car.
I made the comment that I wished gas would go to 6 dollars a gallon so we could fire OBambams ass.
He kept saying these high gas prices were
Bush’s fault,
Bush’s fault,
bush’s fault.
As I drove away in my little Honda 40 mpg civic with regular gas,
I thought: ‘there really is no cure for stupid’
It’s already the end of March … or close enough.
Time for fresh figures to crunch.
Wait a while and you will be able to pick up US real estate for pennies on the “Ahem” dollar.
Things to consider when deciding where to invest in the next 12 months.
1) the world’s largest refinery is being completed as we speak – in China!
2) China has secured a multi year high volume supply agreement with Saudi Arabia – all transactions NOT to be made in US dollars
3) US foolishly forbids the worls to buy Iranian oil with US currency so India has secures a long term high volume supply agreement woth Iran paid in GOLD.
4) The top 5 investment newsletters say the NYSE and Global currency markets are no longer realistic indicators of US economic or currency strength.
5) Many reliable economic forecasters are saying the “bretton woods” days are behind us and the US dollar will no longer be the currency of choice in international trade.
6) the largest pool of oil available to north America lies beneath gull island Alaska where the world’s largest highest volume drilling rig has just been completed – this oil has been taken off line to the US by the rejection of the Keystone project. If production starts this year it will go to Asian markets.
7) The administration limiting production, exploration and pipeline transport of vast reserves of oil, combined with a lot of ME oil being diverted to Asia and Russia means the US could see a $200/barrel oil at a time of entrenched recession and dollar devaluation.
The Fed bailout of the EU via a dollar ‘swap’ system involves us too!! News to me.
Why is the US Fed lending US/Canadian money to European banks to enable those banks to lend money, not only to Europeans but also to Canadians and Americans? The European banks have surplus equity yet the bankrupt USA and not quite so strapped Canadian taxpayers are being forced to foot the bill for these ‘princes and princesses’to borrow at 1/25 of a per cent, our hard earned dollars? Is this a ‘class’ thing? Like WWI, we should bow out of the European economic woes, IMO. Europe has no right to our blood or our $$. We have been the cannon fodder’ colonials’ for too long and the mindset of political nodders who feel inferior to the ‘Old Country Elites’ is pathetic and wrong.
This is a rather long video recording the public hearings with the Fed and congess re: European Bailout (termed ‘dollar swap’ for us peons). Shocking and informative:
http://www.dailypaul.com/223282/ny-fed-president-dudley-to-appear-at-hearing-on-eurozone-aid-w-ron-paul-1000-am#comments
I am not sure why the government chose to give hundreds of billions to banks instead of paying people to stay in their homes. Foreclosures begat lower prices which begat foreclosures.
Personally I have been watching this one property for over a year, and have seen it drop from $220K to its current $150K, and it is still not selling. I hope it will hit $100K soon. I will buy it at that point.
Keep in mind that this property is 1.2 acres with a 1800 sq. ft. house on it.
The market is just not there. This house has been there for over 2 years, and is a sound investment.
Buried deep in the porridge of stats was this:
“[…] only Miami, Phoenix and Washington DC home prices went up versus December 2011.”
Phoenix, huh? That caught my eye.
If I were to criticize the article, I’d remark on the sampling bias inherent in using 12 cities to gauge the housing market of a nation that is majority ex-urban or rural, and that opens its real estate markets to foreign ownership.
This last skews the comparison of markets in America’s coastal strips, with heartland cities, like Denver or St. Louis.
I’m still surprised by Phoenix’s stabilization, though! Thanks for that stat!
Maybe
Occam:
Gull Island is in Prudhoe Bay. What would that have to do with Keystone? It was drilled back in the ’70’s and did not denote a new oil field. A bit of a scam I believe.