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U.S. Economy: Home Prices Fall Near Depression Pace
Bob Willis and Shobhana Chandra
Bloomberg
Wednesday, Dec 24, 2008
Sales of single-family houses in the U.S. dropped in November by the most in two decades and resale prices collapsed at a pace reminiscent of the Great Depression, dashing speculation the market was close to a bottom.
Purchases of both new and existing houses dropped 7.6 percent from the prior month, the biggest decline since January 1989, to an annual rate of 4.43 million, government and industry figures showed today. A 13 percent drop in the median resale price from a year earlier was the most since records began in 1968 and was likely the largest since the 1930s, the National Association of Realtors said.
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“Housing is still in a freefall,” said Nariman Behravesh, chief economist at IHS Global Insight in Lexington, Massachusetts.
The figures were worse than economists had forecast and signal that the battered housing market that led the economy into a recession may be taking another lurch down. Sliding property values mean more Americans will be under water on their mortgages, destroying household wealth and undermining consumers’ purchasing power.
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11 Responses to “U.S. Economy: Home Prices Fall Near Depression Pace”
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December 24th, 2008 at 5:37 am
I see opportunity here!
December 24th, 2008 at 8:09 am
you and I both! Just do yourself a favor. Buy now before the banks collapse, and also have in some reserve the power of gold!
December 24th, 2008 at 9:38 am
Housing may finally come down to an afforadable level. Housing’s down, gas is down, food will probably be next. What’s to compalin about? Let’s make this great depression even better!
December 24th, 2008 at 12:40 pm
The real opportunity will arise when our money is so worthless people are making 20 grand an hour and still cant make ends meet, while at the same time you can buy a house(say, in Detroit) for 18 grand. You can have your house paid off with 45 minutes worth of work!..Hahahaha
December 24th, 2008 at 12:54 pm
Wow, you guys don’t have a clue.
December 24th, 2008 at 3:04 pm
If the NWO interns and murders millions of sheeple there will be an awesome surplus of housing and nobody will need house builders,RE agents,financing or????just move in and DUMP those who would disposses you.
December 24th, 2008 at 6:07 pm
koo koo or u people are of to a happy camp oop,s did i say happy camp I ment DEATH camp
December 25th, 2008 at 7:55 pm
Leave the country.
December 26th, 2008 at 1:19 am
It’s the DEFLATION before the hyper INFLATION there CZ hehe
December 26th, 2008 at 3:51 pm
i do think, Something is Happening here”! http://www.youtube.com/watch?v=G9bt3bmnsPY
December 26th, 2008 at 9:05 pm
And this is how the banksters did it.
http://www.youtube.com/watch?v=jV-k6uwPntQ