...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.
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.
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.