Prices were down 0.8% from the previous month on a seasonally-adjusted basis, according to the Case-Shiller index of 20 major US cities.
The data - which is actually an average of house prices during July, August and September - was lower than expected.
A tax credit for homebuyers expired in April, leading to a steep drop in home sales over the summer.
'Very weak'
That same effect now appears to be feeding into house prices, which are published with a two-month lag.
We are head for a collision course. No one fully understand the magnitude of this mighty collision. are you ready for this great fall. Get your stuff together now before it is too late.
ReplyDeleteGet ready, set go. Oh sorry it too late. You miss the train just 22 seconds ago.
http://www.youtube.com/watch?v=GPfI9oxZuEo
@ 7:47
ReplyDeleteExcellent clip!
someone come in someone come out. no one here gets out alive come on. the Doors spoke of this time long time back. I would like to say how it relates to neigbors in area. My neigborhood has people coming in and coming out new developing housing has empty houses everyplace. Most houses are empty. If some move in to them some move out of theres so it is even steven. I asked if anyone realizes where gold and silver can be found. I asked this in other topic. Thanks.
ReplyDelete- Sam
Fractional reserve banking and debt creation by multipying deposits as housing loan mortgage depts was great for banksters while it lasted .
ReplyDeleteBut when it goes into reverse when people reach their credit limits and the cannot afford to pay their debts,the small reserves held and the share capital of the bankers is hit by multiple bad loans that they created out of fresh air.
Such huge multiplied losses that the banks cannot survive.
Even a small bank run and they will collapse in an insolvant heap.
Unless the government continues to bail them out by printing money to replace lost capital and by socialising their losses.
But that process of printing 'profits' can only last so long ,as the value of the foreclosed houses continues to fall they cannot get their mortgage money back.No chance at all and multipied by the nimber of loans they made.
a failed capitalism drowning in a sea of debts.
Debt Peons and Dead Ponzi banks !
In an insolvant ,fiat shit paper $ plastered America ,heading for a third world standard of living.
This depression will clearly take its time. What makes someone think they will return to their 2004 to 2006 numbers? The damage of a whole economy of failed mortgages is too big to be patched up by FED. The lack of responsibility is astounding. I wonder if one realtor in 2005 cared about the future of their clients.
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