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Housing Market Continues Decline

A double dip in housing prices is what lead us into the Great Depression. They already call this the Great Recession. Will we enter a new Depression? I've seen charts of the stock market then, compared to now by overlay, and it's eerily similar. When reading the article, consider there were a lot fewer people 47 years ago, even 30 years ago, and realize when compared to population, the housing problem may be bigger now than then.

Builders of new homes are struggling to compete in markets saturated by foreclosures. High unemployment and uncertainty over home prices have kept many potential buyers from making purchases.

Home prices fell in November in 19 of 20 major cities measured by the Standard & Poor's/Case-Shiller index, and nine of those cities fell to their lowest point since the housing bust.

Economists expect prices will keep falling through the first six months of this year.

On the other hand, a lot of Mexicans that worked construction have been streaming back across the border to their real home.

http://finance.yahoo.com/news/Newhome-sales-in-2010-fall-to-apf-452650344.html?x=0&sec=topStories&pos=main&asset=&ccode=

Buyers purchased the fewest number of new homes last year on records going back 47 years.

Sales for all of 2010 totaled 321,000, a drop of 14.4 percent from the 375,000 homes sold in 2009, the Commerce Department said Wednesday. It was the fifth consecutive year that sales have declined after hitting record highs for the five previous years when the housing market was booming.

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Let us never forget...

In reply to: Housing Market Continues Decline

...governments intrusion on capitalism. Our children, grandchildren, their children and more will pay the price for government sticking it's hands where they should never have been in the first place.

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Too bad the Capitalists didn't know it wouldn't work

In reply to: Let us never forget...

BEFORE they made an application.

Perhaps they did, and figured it's a good way to get a piece of the pie?

And then they got caught with their fingers in the cookie jar?

They keep pie in a cookie jar?.... Wink

From your link.

The law, however, emphasizes that an institution's CRA activities should be undertaken in a safe and sound manner, and does not require institutions to make high-risk loans that may bring losses to the institution.

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Capitalism did exactly what it is supposed to do

In reply to: Too bad the Capitalists didn't know it wouldn't work

Adjust to changing conditions to take advantage of the best and all opportunities. Foolish money always flows to wiser people. Or as the old saying goes, "A fool and his money is soon parted". In this case, the govt forced us all to be fools and capitalist figured a way to take advantage of the foolishness.

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Didn't we hear that not granting enough high risk loans

In reply to: Too bad the Capitalists didn't know it wouldn't work

was, itself, risky? Something about activists organizing sit-ins and other disruptions to customers in banks who showed reluctance to hand out money? I thought I heard something about that happening but could be wrong. I guess anyone who doesn't give up his wallet just because he feels a gun against his skull is just plain stupid for making the crook prove it's loaded. Wink

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and Washington Mutual

In reply to: Didn't we hear that not granting enough high risk loans

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Yep

In reply to: Let us never forget...

Famnnie and Freddie are still untouchable and the Democrats will never be held accountable.

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Some housing markets aren't doing badly

In reply to: Housing Market Continues Decline

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If you build, they will come?

In reply to: Housing Market Continues Decline

I don't know about your neck of the woods but the boom in mine seemed to be that too many homes were built for too few potential buyers. Lots of folks had more than one home but not all were occupied. All that buying and selling meant that a good number of houses were always empty. You can't keep erecting houses faster than the population is growing.

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"erecting houses faster than the population is growing"

In reply to: If you build, they will come?

Of course you can.
You just need a big government program to subsidize it and then another big government program to bail it out when it is a disastrous failure.

The secret to a successful big government.

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"a successful big government."

In reply to: "erecting houses faster than the population is growing"

Have there really been any?

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