Recovery Doom!

Gosh, things are just going swimmingly

BOSTON (MarketWatch) — If you thought the housing crisis was bad, think again.

It’s worse.

New data just out from Zillow, the real-estate information company, show house prices are falling at their fastest rate since the Lehman collapse.

Average home prices are down 8% from a year ago, 3% over the quarter, and are falling at about 1% every month, according to Zillow.

And the percentage of homeowners in negative-equity positions — with a home worth less than its mortgage — has rocketed to 28%, a new crisis high.

Yay! Good things the Really Smart Adults are in charge!

What a foolish boondoggle those tax breaks for home buyers have turned out to be. The government spent an estimated $22 billion between 2008 and 2010 on tax breaks to prop up the housing market. All it achieved was a brief suckers’ rally that ended last summer.

Of course, the standard Government reaction will be “if only we’d spent more then the Program would have worked…”

Boned, we are boned.

10 Responses to “Recovery Doom!”

  1. Rob says:

    Looks like your style sheet is not loading, Swillers.

  2. Mr. Bingley says:

    It seems to be, Rob. Maybe you just happened to get here just as I was posting?

  3. Rob says:

    May be something going on here. I’ve tried FireFox, IE, and Chrome and it’s not loading here. I’ll see what happens when I get to another machine in an hour or so.

  4. Mr. Bingley says:

    nope, now it’s a mess for me as well, Rob.


  5. tree hugging sister says:

    As if we could EVER have “STYLE” problems.

    The nerve of some people.

  6. JeffS says:

    There was a style problem last night, Rob. But it seems to have cleared now.

    The computer style, I mean, of course!

  7. Gary from Jersey says:

    I was gonna say something about market forces because any kind of style is out of my league.

  8. Rob says:

    You’d have to be way, way out of style for me to notice, ths. Unfortunately, you were. 🙂

    Look good now, tho. 🙂

  9. Yojimbo says:

    Meanwhile, back at the ranch. I can tell you one area that is not declining in the real estate “market”. MY PROPERTY TAXES!

    That concludes today’s rant, back to my meds.

  10. Rob says:

    Right about that, Yojimbo. My property ought to be assessed for no more than the amount for which the state is willing to purchase it.

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