XJEEPER said:
No need to recheck it, Mike. It's accurate based on current market values and comparisons of recent sales in the my area. Thanks for feeling you need to question the accuracy of my data.
Still makes my point accurate, the folks that choose to live within their means, with little or 0 consumer debt will be just fine.........I'm still angry that Congress is making me pay for the others that got themselves upside down on their mortgages/2nds.
The way I see it we are stuck paying that tab whether we bail them (who ever them is) out or let them sink. Either way it is going to cost us a bunch, a cost we should not of had to worry about had Washington been on their feet and doing their job of regulating interstate commerce the last 27 years!
Many people are going to be stupid and greedy, that is why we need better regulation of the financial industries, to keep this sh*t from happing.
By the way, in case you had not noticed, some people who have been fiscally conservative have still lost their jobs are struggling with a house payment on a house that is no longer selling for what they bought it for. Some of them were wealthy, some of them were Veterans, it is not all subprime stuff anymore.
http://money.cnn.com/2008/08/26/real_estate/Case_Shiller_home_price_report/index.htm?postversion=2008082609
"NEW YORK (CNNMoney.com) -- National U.S. home prices fell a record 15.4% in the second quarter compared with last year, according to a report released Tuesday.
The latest S&P/Case-Shiller national home price index is down 18.2% from its peak in the second quarter of 2006, and there are no signs that the pace of home-price declines is easing. The second-quarter loss was even larger than the record 14.2% drop posted in the first three months of 2008.
Both the Case-Shiller 10-city index (down 17%) and 20-city index (down 15.9%) also posted record year-over-year losses in the second quarter."
"And with mortgage loans difficult for many home buyers to obtain and
foreclosure rates still rising,
inventories of homes for sale continue to expand, depressing home prices. There is now an 11.2 month supply of existing homes on the market.
"The inventory problem has not been solved," said Larson.
Peter Schiff, president and chief global strategist at Euro Pacific Capital, said the market is only about halfway to its bottom. In 2005, he predicted the then-coming bust would cut 30% off national home prices.
Losses will continue because there has been no fundamental change in markets, he said. Despite abundant foreclosure sales, inventories are still growing and lending availability is still shrinking.
And, people are not inclined to buy in a falling market. They wait for it to hit bottom. "If prices fall another 20%, that's the time to buy," said Schiff."
"
The worst performing city in the index was Las Vegas, where prices plunged 28.6% year-over-year, followed by Miami, down 28.3%, and Phoenix, down 27.9%."
"...cited San Francisco, where the
price of inexpensive homes has fallen more than 40% from the peak, while moderate priced homes were off 30%,"
http://en.wikipedia.org/wiki/Image:Cshpi-peak.svg
