Posted on 07/27/2010 3:53:44 AM PDT by jerry557
WASHINGTON | Thought the housing crisis was over? Not quite.
Despite four years of falling prices and recent signs that they were finally bottoming out, homes are expected to lose still more value in many metro areas during the next year.
Parts of the country already pummeled by the housing crisis, like Las Vegas, Phoenix and Miami, will be hit hardest. But even some places that have rebounded or held up relatively well - including New York, Los Angeles and Washington, D.C. - will suffer, too.
That's the conclusion of economists who have been reducing their estimates for home prices as the outlook for the economic recovery has darkened. The number of homes for sale or headed for foreclosure is so high that they think prices will be even lower by next July.
(Excerpt) Read more at theledger.com ...
But there was the mortgage tax credits.
Didn’t that fix everything?
Government interventure caused the mortgage meltdown so isn’t the solution more government intervention?
Hopeless and no change in my pocket.
I hope to buy a home next year. We’ve been in the market for 2 years now, and still don’t feel secure paying today’s going rate. Yes, we missed the tax credit, and yes, we may miss the lowest of the interest rates, but if we had bought last year, we would already owe more than the present value.
And yet Fannie Mae and Freddie Mac continue to give out liar loans to people who cannot pay them back... all on our dime... while us normal people have no hope in heck of being able to refinance.
Wow, these economists are really sticking their necks out. What would we do without them?
And that’s the part that the media refuses to report on.
No real commentary on the lack of inclusion of these bloated , ineffective bureaucracies, in the financial reform....
Sad to say, but I think there’s an even worse picture of how poorly this was set up and managed.
I for one want to know what the upcoming candidates plan to do about it............
You missed the tax credit?
Would you want some of the “bankrupt America” money?
It will be MUCH worse.
Geithner on Sunday said the main goal of the Treasury
and the undocumented Obama administration is:
EVERY ILLEGAL ALIEN IS ENTITLED TO A HOME
(AND MEDICAL CARE).
Even if it meant my own home value dropping by another 1/3 or more, I’d be more than happy to get rid of Fannie Mae and Freddie Mac altogether. I am so sick of my tax money being used to finance home purchases for other people when I can barely keep my own head above the water.
What country are you planning to buy in? (Only semi facetious question.)
Well stated
Unfortunately, none of our current politicans are brave enough to propose getting rid of them.
Especially with the blame game on the banks, there doesn’t seem to be a viable alternative to do just that....
To me Chris Dodd and Barney Frank should be in jail by now...
I also know a “conservative” that was put out because he missed out on the “cash for clunkers” money they were passing out with from the “bankrupt America” act.
Just talking the talk until it means money for ME.
If this keeps going, I’ll lose my job and finally be able to afford something.
Yes, having paid federal taxes for the last 34 years and knowing that SS won't be there when I "retire" in 15 years, I would like to have gotten a smidgen back.
Rationalize the looting of the future.
“We pledge our lives, are fortunes, our families our sacred honor.”
Not everyone had their price.
The taxes you paid for 34 years is GONE.
This is not it.
“We must stop the runaway spending!”
What? Why is my hand is sticking out?
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