Home Prices Hit Post-Recession Low

[festeringZit]

[ Time for Obama to go golfing again... or maybe take another vacation... ]

Home prices at lowest level since bubble burst

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By Les Christie May 31, 2011: 9:16 AM ET
NEW YORK (CNNMoney) -- Home prices fell below the 2009 housing bust bottom in the first quarter, dropping 4.2% from the prior three months, according to an industry report released Tuesday.
Prices have not been this low in the S&P Case-Shiller national home price index since the middle of 2002.
It was the third straight quarterly drop for the index, which was down 5.1% from a year earlier. National prices are now down 32.7% from their peak set five years ago.
The S&P/Case-Shiller national home price index covers 80% of the housing market.
"This month's report is marked by the confirmation of a double-dip in home prices across much of the nation," said David Blitzer, spokesman for Standard and Poor's.
The housing market went through a brief recovery period starting in mid-2009. Home prices recovered nearly 5% of their earlier losses. After homebuyer tax credits, which were in effect during the rebound, expired last April, the slump resumed.

 

[billhill999]

http://www.therxforum.com/showthread.php?t=847574

 

[rolltide]

I have full confidence that Barney and Friends will implement a new and improved program to boost first time home buyer sales for people that can't afford them. Get some nice competitive bidding in the process and prices will artificially climb, especially with some complicit banks lending bad money then selling that mortgage off. The wheels of the bus go round and round, round and round, round and round

 

[Willie99]

with money supply at record highs, that's just a bad bad bad combination

an indication of just how weak or economy is and how low consumer confidence is

spending is being encouraged, but it's just not happening

maybe just maybe demagoguing banks and Wall St and businesses while arguing that the Fed govt needs to save us is keeping a lot of money sitting on the sidelines and is keeping consumer confidence near all time lows.

that's not leadership, it's a fundamental failure in comprehension and know how

PS: at least the chosen one is finally starting to argue American businesses create the jobs. Gotta take baby steps with this guy.

 

[hehateme82]

at least my property taxes are going down after my last assessment! ship it.

 

[rolltide]

nice...been waiting for 2 years for mine to go down. city damn near promised me that if I voted YES to the casino I'd be getting a nice drop in taxes. nada

 

[Willie99]

nice...been waiting for 2 years for mine to go down. city damn near promised me that if I voted YES to the casino I'd be getting a nice drop in taxes. nada

just like AC and CT, all the additional revenue just gets lost in an ever growing general budget.

nothing politicians promise ever comes to fruition

 

[wabashwonders]

Im not really sure how this is such a bad thing unless you are planning on selling your house or borrowing money on it. I agre with what rolltide said and first time home owners who couldnt afford homes might be able to now. For us that own or homes with no intentions of selling, this will mean lower insurance rates and lower taxes. As far as someone saying this shows how bad the economy is, well Im not sure where you all live but everywhere I go I see people spending money like crazy. Restaurants are busier than ever here. when I go to the race track, its a full house with people throwing around money every where. I am pretty sure this so called bad economy has not even affected most of you on here. The poor and lower class is who it will affect most unless you were unfortunate and lost your job. Im guessing most if not all of you posting on here dont fall into that category.

It seems like no matter what happens in this country, it will affect some in a good way and some in a bad way, thats just the way life is. But some of you think Obama works for Staples and all he has to do is push that easy button and all will be fixed. Maybe some of you need to become politicians and run for office and show us all how to do things right...instead of complaining about it

 

[hehateme82]

Im not really sure how this is such a bad thing unless you are planning on selling your house or borrowing money on it. I agre with what rolltide said and first time home owners who couldnt afford homes might be able to now. For us that own or homes with no intentions of selling, this will mean lower insurance rates and lower taxes. As far as someone saying this shows how bad the economy is, well Im not sure where you all live but everywhere I go I see people spending money like crazy. Restaurants are busier than ever here. when I go to the race track, its a full house with people throwing around money every where. I am pretty sure this so called bad economy has not even affected most of you on here. The poor and lower class is who it will affect most unless you were unfortunate and lost your job. Im guessing most if not all of you posting on here dont fall into that category.

It seems like no matter what happens in this country, it will affect some in a good way and some in a bad way, thats just the way life is. But some of you think Obama works for Staples and all he has to do is push that easy button and all will be fixed. Maybe some of you need to become politicians and run for office and show us all how to do things right...instead of complaining about it

indiana's economy is booming? no shit.

 

[akphidelt]

Im not really sure how this is such a bad thing unless you are planning on selling your house or borrowing money on it. I agre with what rolltide said and first time home owners who couldnt afford homes might be able to now. For us that own or homes with no intentions of selling, this will mean lower insurance rates and lower taxes. As far as someone saying this shows how bad the economy is, well Im not sure where you all live but everywhere I go I see people spending money like crazy. Restaurants are busier than ever here. when I go to the race track, its a full house with people throwing around money every where. I am pretty sure this so called bad economy has not even affected most of you on here. The poor and lower class is who it will affect most unless you were unfortunate and lost your job. Im guessing most if not all of you posting on here dont fall into that category.

It seems like no matter what happens in this country, it will affect some in a good way and some in a bad way, thats just the way life is. But some of you think Obama works for Staples and all he has to do is push that easy button and all will be fixed. Maybe some of you need to become politicians and run for office and show us all how to do things right...instead of complaining about it

We are only in a depression in their heads. They want to "think" the country is on the brink of disaster because it validates their hatred for Obama.

 

[hehateme82]

We are only in a depression in their heads. They want to "think" the country is on the brink of disaster because it validates their hatred for Obama.

not on the brink of disaster, but the depressed economy has been evident around these parts. i would assume alaska is more or less immune from recessions.

 

[akphidelt]

not on the brink of disaster, but the depressed economy has been evident around these parts. i would assume alaska is more or less immune from recessions.

We do pretty well. Housing finally has been hitting us a little bit. But our biggest problem is the oil companies are pulling back and killing the jobs. They are in a fight with our local Govt over ACES, which taxes them to hell. But, I was just in Seattle visiting some friends and I didn't see any changes in their lives... also went to San Jose to see my tech nerd buddies who work for Apple and they are all doing fine. They are loving the cheap housing. My buddy just bought a $600k house that was selling for $900k 3 years ago. I honestly do not even comprehend what people hate so much about America. I mean, yea filling up on gas kind of sucks these days, but I can simply stop driving as much. But in terms of utility, gosh, I can't see how anyone could want anything different.

 

[hehateme82]

We do pretty well. Housing finally has been hitting us a little bit. But our biggest problem is the oil companies are pulling back and killing the jobs. They are in a fight with our local Govt over ACES, which taxes them to hell. But, I was just in Seattle visiting some friends and I didn't see any changes in their lives... also went to San Jose to see my tech nerd buddies who work for Apple and they are all doing fine. They are loving the cheap housing. My buddy just bought a $600k house that was selling for $900k 3 years ago. I honestly do not even comprehend what people hate so much about America. I mean, yea filling up on gas kind of sucks these days, but I can simply stop driving as much. But in terms of utility, gosh, I can't see how anyone could want anything different.

i like alaska, spent a summer there back when i was 19. solid place.

my property just got assessed and my taxes will be going down which is nice. numb nuts up the street had a short sale hurting all values in the area (very nice neighborhood). gas is painful - i'm rocking two V8 SUVs. i've got some kids so i've noticed price of groceries going up as well. little things add up. i deal with a lot of construction firms in my industry and they have taken a beaten - especially those who specialized in private sector construction, most of them are gone or came over the public side causing a ton more competition for my public guys.

 

[snoop]

It took them 30 yrs to inflate this bubble, it will take a while to deflate it.

Thank you Clinton, Greenspan, Frank, Dodds, Fannie, Freddi....you name it.

Every time the Gov involves with the economy, next thing you know it will get fucked up.