I keep seeing liberal media types talking about the RECOVERY. What recovery? Home prices down in 19 cities. The real rate of unemployment according some polls is still over 9%. The cost of a gallon of gasoline is 4.oo a gallon. At hte grocery story the price of everything is up. The U.S. economy has not had a recovery and looks more like its gettong worse not better. So when you hear about the recovery its a lie.Some people have been unemployed for the past 3-4 years. Many of these have given up looking for work. Those two elements are the only thing making it look like things might be improving a tiny, tiny amount. People are also getting used to having 2 or 3 jobs.People are getting used to always buying the lower priced item and buying cheaper clothes. This trend is called the new NORMAL way of life The old America is gone.SHAW
Home prices are falling in most major U.S. cities, and the average prices in four of them are at their lowest point in 11 years. Analysts expect further prices declines in most cities in the coming months.
The Standard & Poor’s/Case-Shiller index released Tuesday shows home prices dropped in 19 cities from December to January. Eleven of them are at their lowest level since the housing bust, in 2006 and 2007. The index fell for the sixth straight month.
Home values in Atlanta, Las Vegas, Detroit and Cleveland are now below January 2000 levels. A majority of the metro areas tracked by the index now have home prices at levels dating back to 2003, just as the housing boom began.
The only market where prices rose was Washington, where homes prices gained 0.1 percent month over month.
“The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s.
The housing market remains the heaviest burden on the economy, which is showing signs of strength elsewhere. Unemployment benefit applications are at pre-recession lows, consumers are spending more money and manufacturing activity is growing at its fastest rate in seven years.
By contrast, the housing market is coming off its worst year in more than a decade for sales of previously occupied homes and its worst in a half-century for sales of new homes.
High unemployment and tighter lending requirements have kept many people from entering the market. A record number of foreclosures and short sales — when the lender agrees to accept less than what the buyer owes on the mortgage — are pulling down home values. Many would-be buyers are waiting on the sidelines, fearing that the market has yet to bottom out.