Here It Comes

[WillowTree]

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

 

[Mad Scientist]

Looks like that Stimulus worked out just great didn't it?

 

[WillowTree]

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

 

[iamwhatiseem]

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.

 

[Salt Jones]

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.

 

[Mr Natural]

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.

But look on the bright side: I'll bet they aren't building any more houses there.

 

[Big Black Dog]

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.

 

[Salt Jones]

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.

But look on the bright side: I'll bet they aren't building any more houses there.

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.

 

[Tank]

Third world prices for a third world country

 

[iamwhatiseem]

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.

But look on the bright side: I'll bet they aren't building any more houses there.

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.

And this is a good thing?

 

[Mr Natural]

But look on the bright side: I'll bet they aren't building any more houses there.

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.

And this is a good thing?

It is if you want some work done on your house.

 

[Salt Jones]

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.

And this is a good thing?

It is if you want some work done on your house.

Exactly. You can get bonded and licensed guys for what you paid off the book guys in 2007.

 

[Flopper]

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.

As large companies on the Big Board become more and more heavily invested in foreign countries, Wall Street becomes more reflective of the world economy.

 

[WillowTree]

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.

Same here, and, as an added benefit with the decrease in value comes a decrease in taxes.. I wuv it. yep..

 

[Salt Jones]

Third world prices for a third world country

Was it first world country in 2007 when today's $80K house sold for $370K?

 

[Douger]

If you have some equity sell now.
Everything is bigger and better in murka !
They're going to serve you a triple dip !
Crash 102. Supersize it !

 

[Flopper]

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.

If you're going to live in your house throughout your life, lower home prices can be a plus, lower property taxes, and insurance. My taxes have gone down two years in row. The low interest rates allowed me to refinance and save almost $200 a month. I'm happy.

 

[manifold]

Yup, here it comes alright. Here comes another partisan douchewagon reveling and cheering the suffering of fellow Americans.

But whatcha gonna do?

 

[Tank]

Third world prices for a third world country

Was it first world country in 2007 when today's $80K house sold for $370K?

Thats when the dam broke, the bubble popped. Hispanics are going to be the majority in 30 years or so, do you think things won't change?

 

[Salt Jones]

Third world prices for a third world country

Was it first world country in 2007 when today's $80K house sold for $370K?

Thats when the dam broke, the bubble popped. Hispanics are going to be the majority in 30 years or so, do you think things won't change?

Things always change and I'll be dead in 30 years or so.