Home Price Declines Set New Records

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Housing still has a long way to fall. Incomes are falling. The only logical direction is down. A house is a place to live, not an investment. Rent and keep your money in cash.

Tom of IL 5:05PM February 24, 2009

Some time back my mother bought a condo for 60 G's ($379,298 correcting for inflation*) and had to dump it for 25 G's ($158,041) when that section of Chicago starting turning black.
Too bad they didn't have mortgage correction then. Pioneer spirited people of the 60's just accepted that market prices go up and down.
* Price correction by http://data.bls.gov/cgi-bin/cpicalc.pl

Luther of IL 4:40PM February 24, 2009

We've seen this capitalist speculation cycle in several markets from dotcom, commondities, futures, stocks, real estate and now banking. It's the nexus of large corporate failures across several major fields that has resulted in the general lost of consumer confidence fueled by toxic liabilities (once called assets) that are impediments to recovery. As the economy entrenches due to business failures causing large job losses, the amount of disposable income is reduced by conservation, reduced work place productivity and wages paid. Keeping people from foreclosures alone will not stabalize the economy and stop the melt down. The approach must be multipronged as President Obama's economic team realizes - but the public will continue to lack confidence as long as the foxes remain in the chicken pen.

Tony Lee of CA 4:07PM February 24, 2009