Here It Comes

Discussion in 'Economy' started by WillowTree, May 31, 2011.

  1. WillowTree
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    WillowTree Diamond Member

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    that double dip we've been talking about.


    Home Prices Drop Into Double-Dip Territory







    U.S. home prices officially double-dipped in March, tumbling to new post-bubble lows, a report released Tuesday revealed.

    According to the S&P/Case-Shiller home price index, seasonally-adjusted prices in 20 metro areas slumped 0.2% in March from February to 138.16 -- below the crisis low set in April 2009 of 139.26. While economists had projected the 0.2% decline, it marks a painful reminder of the housing market’s failure to mount a sustainable rebound from its historic slump.

    S&P said the short-lived bounce in home prices in 2009 and 2010 was largely due to the first-time home buyers tax credit, which has since expired.

    “Excluding the results of that policy, there has been no recovery or even stabilization in home prices during or after the recent recession,” David Blitzer, chairman of the index committee at S&P Indices, said in the report. “This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation…Home prices continue on their downward spiral with no relief in sight.”

    In the 20 markets surveyed by S&P, home prices were off by a non-adjusted 0.8%, compared with a 1.1% drop in February and forecasts for a 0.6% fall. Year-over-year, home prices tumbled 3.3%.


    Read more: Home Prices Drop Into Double-Dip Territory - FoxBusiness.com
     
  2. Mad Scientist
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    Mad Scientist Feels Good! Gold Supporting Member Supporting Member

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    Looks like that Stimulus worked out just great didn't it?
     
  3. WillowTree
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    WillowTree Diamond Member

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    Markets
    Consumer Confidence Falls Unexpectedly in May





    Consumer confidence slid in May as consumers turned more pessimistic on the outlook for the labor market and inflation worries rose, according to a private sector report released on Tuesday.

    The Conference Board, an industry group, said its index of consumer attitudes fell to 60.8 from a revised 66.0 in April. The reading was below economists' forecasts for 66.5.

    Read more: Consumer Confidence Falls Unexpectedly in May - FoxBusiness.com




    Consumer Confidence Falls Unexpectedly in May - FoxBusiness.com
     
  4. iamwhatiseem
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    iamwhatiseem Gold Member

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    Yet the markets are in open celebration because Greece will be getting bailed out.
    This just goes to show you how disconnected Wall Street is, in the past couple weeks economic news has been truly abysmal. One thing after another is sucking eggs...yet because someone's irresponsible debt will be burdened by other people's money - WallStreet is climbing high.

    What a mirage the whole system is.
     
  5. Salt Jones
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    Salt Jones BANNED

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    I know here in Phoenix the housing prices dipped because banks are starting to release the shadow inventory of 100,000 REO homes they have been keeping off of the market. There are some great deals coming out now.
     
  6. Mr Clean
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    Mr Clean Gold Member

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    But look on the bright side: I'll bet they aren't building any more houses there.
     
  7. Big Black Dog
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    Big Black Dog Gold Member Supporting Member

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    It's actually meaningless about what the value of my house is. It's completely paid for. Been paid off for years. I will live here until the day I die. The lowered home value may bother whoever inherits my house and farm after I die but it doesn't bother me in the least. I could care less.
     
  8. Salt Jones
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    Salt Jones BANNED

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    No. Now we have a glut of "Home Improvement" contractors running around. You can get some good work done for cheap now. They will cut each others throat for some business.
     
  9. Tank
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    Tank Gold Member

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    Third world prices for a third world country
     
  10. iamwhatiseem
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    iamwhatiseem Gold Member

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    And this is a good thing?:eusa_eh:
     

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