2011-05-09 -Signs, Portents, and the Weather-
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Zillow data confirms - double dip housing crash is starting
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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.
Aaaaand for the money quote
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.
"As we said at the time, it was a giant waste of money," says Mark Calabria, economist at the conservative Cato Institute. "None of these things really turned the housing market around. They just put off the adjustment for awhile."
That needs to be part of the Republican's war cry for 2012. Throwing money at the problem and creating debt won't solve the problem.
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Posted by DarthVader 2011-05-09 12:33||
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Posted by Bright Pebbles 2011-05-09 12:52||
2011-05-09 12:52||
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Posted by Dale 2011-05-09 13:03||
2011-05-09 13:03||
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Posted by Iblis 2011-05-09 16:28||
2011-05-09 16:28||
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Posted by Dale 2011-05-09 22:09||
2011-05-09 22:09||
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