"The sharp fall in house prices in the first quarter provided further confirmation that this housing crash has been larger and faster than the one during the Great Depression... The only comfort is that the latest monthly data show that towards the end of the first quarter prices started to fall at a more modest rate... Nonetheless, prices are likely to fall by a further 3 percent this year, resulting in a 5 percent drop over the year as a whole."
http://www.cnbc.com/id/43395857?utm_sour...%29
"For those of you that are confused. Here are the facts:
Homeowners across the country are drowning in negative equity (read this). Zillow.com reported a new high in negative equity rates: 28.4% of single-family homes with a mortgage across the country are now underwater... meaning that more borrowers owe more on their homes than the sales price in the history of crunching these numbers... are far worse in the nations largest metro areas. Atlanta for example has a 55.7% negative equity rate, Denver 41% and Chicago nearly 46%."
http://www.greenewave.com/the-key-ingred...http://www.youtube.com/watch?v=o_unoB8xF...They say Canadians are a little slow on the "uptake" when it comes to American politics, granted we are a not the forerunner as the world leader... but as I said before, what goes down the American sewer pipes... will eventually make it's way into our drinking water. And if this housing collapse is a "sign of the end" ...we won't be floating much longer North of the boarder.
How is it that foreign policy and global security takes precedence over home equity? What good is it to "fight against terrorism" if you don't have a home to come back to? IF America is showing the world how it's done, and how "democracy" is the cure for the worlds woes... it's no wonder that the so called underdeveloped nations don't want anything to do with it. You can't sell democracy with a foreclosure sign.
The trillions spent on a bankers bail-out should have went to the people... what a shot in the arm of the economy would that have been... like the bankers that pocketed the money... real people could have done the same and boosted themselves and their country into stability... rather than ruin! I am not advocating "free money" ...what I am saying is that the homeowner and US citizen is on the hook for the financial damage caused by the bailouts... at least they would have got something out of it.
I owned a home once that ended up facing foreclosure... I know what it is like to loose everything... and have another take what I worked for and make millions on it. I know what it is to be "out on the street" with a young family... I also know what it is like to see a miracle and survive such a devastating time. What I don't know what it is like... is to have politicians that have everything, make good decisions for those who don't.
The worst words I have heard from a lending institution (I am not even exaggerating), was "Good luck out on the street" ...I think America is now getting that message.