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House Prices Hit 2002 Levels, A 10 Year Low

From desperately looking for the sunny side Associated Press:

Home prices fell in January in most US cities

March 27, 2012

WASHINGTON (AP) — Home prices fell in January for a fifth straight month in most major U.S. cities, as modest sales increases have yet to boost prices.

Apparently, the AP just can’t help themselves. They will try to spin anything to help Obama.

The Standard & Poor’s/Case-Shiller home-price index released Tuesday showed that prices dropped in January from December in 16 of 19 cities tracked. The steepest declines were in San Francisco, Atlanta and Portland. Prices increased in Miami, Phoenix and Washington…

The declines partly reflect typical offseason sales. The month-over-month data are not adjusted for seasonal factors.

No, if these numbers were ‘seasonally adjusted’ they would have gone up.

Still, prices fell in 17 of the 20 cities in January compared to the same month in 2011. The group’s nationwide index of prices has fallen 34 percent since the housing bust and is now at 2002 levels.

Which means that house prices are at a ten year low. Which you would think would warrant a headline or a mention in the lead paragraph.

The continued drop in prices suggests the housing market remains weak, even after the best winter for home sales in five years and steady improvement in the job market…

Obviously, the housing market is still racist.

Eight cities — Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa, Fla. — are now back at 2000 levels or earlier. Only Denver, Detroit and Phoenix posted year-over-year increases.

Probably only because they could not go any lower.

Analysts were quick to note that prices are expected to rise modestly throughout much of 2012

Because these analysts don’t want to lose their jobs in the Democrat Media Complex. Not in the middle of a recession.

This article was posted by Steve on Tuesday, March 27th, 2012. Comments are currently closed.

5 Responses to “House Prices Hit 2002 Levels, A 10 Year Low”

  1. P. Aaron says:

    AP: All Praise for Obama! Peas be upon him!

  2. canary says:

    Disheartening. And this needs to be really put out there. This is something counties hide as they increase your properties taxes pretending your house isn’t worth less. Did this years ago with neighbors. No sure it’s easy to do yourself. But, might as well, because the value of houses may never go back up.

    Obama is to blame for the hardship of new EPA laws socking it to house built before 1978. That with
    the federal stimulus money to cities to grab homes and land.

    A friend of mine in an agenda green town/city in Wisconsin said if you sell, they video the inside of your home. They literally want this on data bases. This is just more technology that killing America. The goal is for high density living structures. People walk and ride a bike. They want to get rid of rural and suburban living. It’s to punish the people that move to the suburbs.

  3. River0 says:

    The marketplace in real estate can’t function anymore because there’s so much government manipulation. Foreclosures have been stalled or stopped, so prices haven’t been allowed to fall as far as they need to. The economic illiterates in Congress ginned up Fannie and Freddie – creating a bubble – and now there’s an unstable crater.

    Nobody yet knows where the bottom is, and they’re waiting for it. Buyers have to be sure before they invest en masse.

    The stupidity of government and the Demonic Party is staggering.

  4. GetBackJack says:

    1. Plus the reality of the total devaluation of the dollar

    2. The government’s interference in markets is especially heinous in real estate. In a way few have considered, but since I prefer housing made out of different materials than stick and brick and have worked with solar for decades, consider this –

    The hideous blight of tract home developments, suburban nightmares of identical streets and four architectural styles repeated over and over until children can’t remember which house is theirs – the horror of a grid that is near collapse because demand for water, sewage and electricity is outstripping government regulated utilities can’t match, so we build ever larger more complex systems to meet ever growing demands –

    And on and on – I call it housing blight. And I have a leg to stand on when I point an accusing finger.

    I was building houses that heated and cooled themselves, producing almost 100& of their electrical needs all without moving parts, and stylish as hell …. in the 1980s</b

    If the home buyer spent a nickel heating or cooling his house in the first ten years, our guarantee was to pay that bill.

    Never did.

    Why am I not doing it today?

    Because lending sources dried up, Fannie and Freddie, FHA and VA dried up and there was no mortgage money available for interested buyers. Why?

    Because the federal government is the ultimate buyer of mortgage backed securities and in order for the government to lay off vast asset backed security packages, they insisted on conformingproperties, standards and values. If the property fell outside those portfolio guidelines, no mortgage money was available.

    No conforming, no lending.

    Therefore, everything would be the same.

    Like using physics to heat and cool a house instead of forced air for a HVAC plant. Like using the earth to cool air being brought into the house instead of an air conditioner laboring through vast watt-hours to chill the end product. Like issuing house grey water out under a leach field to water and nourish greenhouse plants instead of adding that burden to an already overtaxed city/county sanitation system.

    The only stupid way to build housing in the cheap stick, brick and fake stucco and water based exterior paints the government insists upon for their assets, for their portfolios, for their securities which they can lay off on the secondary market with fair assurance that conformity yields uniformity yields predictable ROIs.

    Look around you and realize all the urban sprawl, cost of utilities, the unsightly mess of telephone wires, electrical poles, suburban blight and choked commuter highways is all a result of government interference in our markets.

    The Demonic Party, indeed.

  5. P. Aaron says:

    In the simplest terms, folks will buy houses when they experience relative prosperity. People are fine with paychecks but, they won’t usually extend themselves unless they have optimism of prosperity in their income long term. Which, Obamanomics has failed (and will continue to fail) to produce.

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