RUSH: "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 over the next year. Parts of the country already pummeled by the housing crisis, including 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."
Now, did you know what the three wealthiest counties in America are now? Outside Washington, DC, in Maryland and Virginia, three wealthiest counties in America. Yep. And that's new. (interruption) Well, that's counties. Palm Beach is a ZIP code. The wealthiest ZIP code I think is still Jupiter Island up north, but I'm talking about counties, the wealthiest three counties are outside Washington, DC, now.
I was just talking in the last hour about, have you noticed there are some people not doing badly. There are some people prospering. You know who they are. Do you know what their source of revenue is? It's the government. They're the ruling class. The average home price, Standard & Poor's Case-Shiller index, 20 big US cities has forecasted a drop of nearly 2% this year from a year earlier. So the housing bubble continues to bubble downward. This is where we are. And there's no recovery, and there's no sign of one, and there's not really any program in place to alleviate this problem because the government can't do it.
I mentioned this last hour, "In Miami, nearly a quarter of mortgage borrowers have missed at least three months of mortgage payments or are already in foreclosure, according to Moody’s. That’s the highest level in the country." LeBron James will help down there. "In four other Florida cities -- Fort Lauderdale, Cape Coral, West Palm Beach and Naples -- the proportion exceeds 15 percent. The same is true for Las Vegas." And Obama says we've turned a corner, we're bank from the brink. He said we're back from the brink but he still can't get us over the hump, because he doesn't want to get us over the hump.
http://www.rushlimbaugh.com/home/daily/site_072710/content/01125104.guest.html
How was this ever sold as a crisis needing the attention of the gubmint and the application of your money ?
” Earlier this year, analysts said they thought home prices had finally reached their low point and were ready to start rising slowly in most areas of the country. Now, they think the actual bottom could be nearly a year away. “
It’s been my observation for years that virtually every Real Estate ‘analyst’ seen on TV or quoted elsewhere is in some capacity a shill for the Real Estate Industry...
If they’re now saying ‘a year away’, I figure the real outlook is probably closer to 5-10 years...
You’re right. For the US the housing market was the last of our industry that could not be exported and it will never return to demand levels of old. The next housing shortage will be in apartments. Watch for government Guarantee Loan Programs for apartment building which will create a new housing bubble. the government needs to get out of the Bailout programs and let the free enterprise do is work.
This story is not exactly true. Prices for June in Arlington, Virginia — just across the river from Washington, D.C. — rose 3 percent (median) and 7 percent (average) over a year ago June. The average time on the market for a house has fallen to 47 days, 32 in some zip codes. Inventory has fallen to 4 months supply — a supply-demand situation that drives up prices. All because of the ever-bloating government.