Housing News Archives: December 2008: US Housing Update

Friday, 01.30.2009

California Home Prices Fell 42% as Slump Worsened
Bloomberg
California home prices plunged 42 percent in December from a year earlier as the US housing slump deepened and foreclosures hit record ...

How Far Will Housing Prices Fall in 2009?
BusinessWeek

All Roads Lead to Zimbabwe
Daily Reckoning - Australian Edition, Australia
... the fiscal measures since (TARP, US$850bn stimulus) are designed to combat the credit depression, the housing crash, and lately, rising unemployment. ...

Expect Prices to Keep Falling as New Home Sales Hit All-Time Low - Forex TV

Ron Paul on stimulus
Capitol Hill Blue, VA
�If you want to regulate, regulate Government agencies, regulate the Treasury, regulate the Federal Reserve. The Federal Reserve has no oversight, ...

Foreclosures continue to drive down prices - Florida
Sarasota Herald-Tribune, FL
The December median price hit $160000 in Sarasota-Bradenton, harking back to April 2002. The big question now is whether prices, driven so intensely by ...

New home sales fall by 37.8% from 2007 levels to lowest level on record
BloggingStocks
The median new home price dropped by 9.3 on aa year-over-year basis. These numbers may actually be skewed higher because the monthly sales data does not ...

The sin of 'house lust'
Bangor Daily News, ME
But �house lust� is a recent phenomenon, Mr. McGinn notes, quoting Yale economist Robert Shiller: �Before the last decades of the 20th century, ...

Thursday, 01.29.2009

Foreclosures north and south of LAX - Los Angeles, CA
Los Angeles Times, CA

Super Bowl Showdown: Which Team's City Is Worse Off? Pennsylvania / Arizona
Washington Post Blogs, DC
Foreclosures jumped a comparably mere 148 percent in Pittsburgh over 2008, according to RealtyTrac. However, the median home sale price rose from $117000 in ...

US Headed for Japan-Like 20-Year Economic Depression:
Americans savings vs. debt ratio worst in history!

(click chart for larger view / full article)
Every day seems worse than the previous day. Five hundred thousand people are getting laid off every month. Our banking system is on life support. Retailers are going bankrupt in record numbers. The stock market keeps descending. Home prices continue to plummet. Home foreclosures keep mounting. Consumer confidence is at record lows. You would like to close your eyes and make it go away. Not only is the news not going away, it is going to get worse and last longer than most people can comprehend. The Great Depression lasted 11 years, but the more pertinent comparison is Japan from 1990 until today. A two decade long downturn has a high likelihood of occurring in the United States. There are many similarities between the U.S. and Japan, but in many areas the U.S. has a much dire situation. If the next decade resembles the Japanese experience, there will be significant angst and social unrest.
U.S. Heading for Japan Style Two Decade Economic Depression
The Market Oracle

First American CoreLogic shows 10.6 percent drop in home prices
Another Financial Portal, CT
During 2008, home prices nationally declined between 10 and 11 percent every month except January. � November�s decline was 10.2 percent compared to a year ...

'Momma's Boys' House Is for Sale
The house where television personality Ryan Seacrest filmed reality show "Momma's Boys" is for sale in Santa Barbara, Calif., for $21.8 million

Greenwich home prices drop most in 30 years - Connecticut
BloggingStocks
Home prices in 2008 in Greenwich declined the most in three decades, and the number of homes plunged by more than a third, as the town's real estate began ...

Inland home prices keep falling as sales climb - Southern California
But about 70 percent of all sales in the Inland counties were foreclosure sales, and this continues to affect prices. The median price of a Riverside County home fell from $220,000 in November to $209,000 last month and is now 41.1 percent lower than 12 months ago.
Press-Enterprise, CA

Fed Buys $23.4 Billion of Mortgage Bonds to Cut Rates
Bloomberg
The average rate on a 30-year fixed mortgage dropped to 4.96 percent in the week ended today, the lowest on record, according to Freddie Mac. The Fed may ...

Ron Paul Lashes About Government / federal reserve's Fraudulent System!

During a congressional meeting, Ron Paul points-out the ugly truth about the government and Federal reserve ponzi-scheme against the American people.
Ron Paul: Government Running a PonziScheme
USHousingUpdate.com / YouTube

Bank of America: Bad for America
AlterNet, CA
Bank of America is spending like a drunken sailor, but not on anything that will serve as a life raft for our drowning economy. The largest bank in the US ...

Bank of America stock plummets
Bizjournals.com, NC
Bank of America Corp.�s stock, which had already dropped more than 27 percent this month, fell another 18 percent in Thursday trading. ...

Mega Price Drops In Stockton - California
In Stockton, that has meant a 47 percent drop in prices in 12 months alone, from $250,000 in December 2007 to $133,000 last month, according to figures from the Grupe Real Estate-TrendGraphix monthly sales report, based on Multiple Listing Service data.
Median SJ home price hits $165000
Stockton Record, CA

Detroit Home Prices Plummet Over 46% in Year! - Michigan
... and more than half were foreclosures. The median price on all homes sold last month was $57000, a drop of 46.3% compared to a year ago. ...
Metro Detroit home sales rose, prices fell last month
Detroit Free Press, United States

Martial Law Threatened if Bailout Bill Wasn�t Passed
polidics.com

Why Mortgage Payments Should Be Lower Than Rents
It is not the job of government to prop up house prices to the point at which mortgages cost more than prevailing rents. In fact, right now, it is entirely rational that a new mortgage should cost less than prevailing rents. Here's a few reasons why...
Seeking Alpha

Region's home prices take major plunge - Connecticut
TheDay, CT
While local median single-family home prices fell more than 22 percent in November compared to the previous year, Connecticut's median price dropped 16.2 ...

Foreclosure Prompts Murder-Suicide in California?
The man entered the home to find the body of his neighbor in his 40s lying in the foyer of the home that the bank had approved for a short sale at an asking price of $305,000. A short sale takes place when the buyer in default is trying to avoid foreclosure.
Foreclosure murder-suicide?
Manteca Bulletin, CA

Real Estate Decline Home	Previous Bubble News
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'Momma's Boys' House Is for Sale The house where television personality Ryan Seacrest filmed reality show "Momma's Boys" is for sale in Santa Barbara, Calif., for $21.8 million

Martial Law Threatened if Bailout Bill Wasn�t Passed polidics.com

'Momma's Boys' House Is for Sale
The house where television personality Ryan Seacrest filmed reality show "Momma's Boys" is for sale in Santa Barbara, Calif., for $21.8 million

Martial Law Threatened if Bailout Bill Wasn�t Passed
polidics.com