U.S. Home Prices to Fall Through 2011’s First Quarter, PMI Says - Bloomberg.com: "Thirty of the 50 biggest metropolitan areas have at least a 75 percent chance of lower prices through March 31, 2011, Walnut Creek, California-based PMI said in a report today. The decline is likely to spread to “all regions of the nation” from California, Florida, Nevada and Arizona, the states most affected by the housing slump, PMI said.
“The housing market has been hit by a demand shock of high unemployment and a supply shock of distressed foreclosure sales,” LaVaughn Henry, senior economist at PMI, the fourth- largest U.S. mortgage insurer, said in an interview."
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Can anybody say with a straight face that things are getting better?
1 comment:
Uh, no. But as long as we repeat Britain's mistakes of the 1870s by allowing the power of finance to usurp the power of everything else, we're going to be going through this disconnection between Wall Street fantasy and Main Street reality. No amount of 1930s experts in Washington is going to solve this crisis, because the lessons of the 1930s aren't easily transferrable to a situation where we're not a growing power with modest debt, but rather a declining power that already had ridiculous debt and trade deficit levels before the crisis broke.
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