Home Prices Plummet, Thank Goodness

housing prices will fall 90% to be corrected

when you see housing prices at 10 cents on the dollar you know housing has corrected

housing costs were inflated 100, 200, 300 and 400% over the last few years

the cost of bricks drywall building materials and labor has not gone up in 30 years, dirt/land and rotted wood is not a scarce commodity

usa housing inventory has 2.6 million excess housing units according to one source, it could be 5x higher

baby boomers are dying and living on 1/3rd of thier productive years income with rising health care costs, so they can not buy anything but depends undergarments and wheelchairs

gen x znd gen y do not have the population numbers or income to buy inflated cost housing

glut of rental units is forcing property owners to lower rent prices to compete for the smaller tenant markets, if tenant can not afford to pay rent, owner can not pay mortgage.

the building sector is dead, millions in the building industry have no jobs, no work, building was the cornerstone of usa economy, and now due to the overbuilding that went on there is a glut of housing unit inventory in usa

people come into the bank every day and hand over the keys to thier upside down homes saying here, take it, we are done.

people are moving in with family, friends, relatives, neighbors, co-opting units, 2 to 3 families under one roof and a spare room rented to an aunt uncle cousin neighbor friend relative or border, no one is left to buy the inflated housing units. in chicago and detroit such overbuilt price inflated AND SUBSEQUENTLY VACANT abandoned units were allowed to dissolve back into mud huts. housing prices will continue to fall 10 years maybe 20 as watermelon thru a snake demographics kick in, will see.

researcher of IL 6:24AM November 29, 2008