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US Home Prices Seen Falling 40% Overall: Analyst
CNBC
Friday, July 3, 2009
U.S. housing prices will fall by a double-digit percentage from already beaten-down levels, resulting in an overall 40 percent plunge by the time foreclosures peak in the second half of 2010, Barclays Capital economist Michelle Meyer said.
Meyer issued her forecast two days after the Standard & Poor’s/Case-Shiller Home Price Indexes showed for April an 18.1 percent year-to-year decline, compared with 18.7 percent in March, in the rate of home price declines in 20 major U.S. metropolitan areas.
The indexes have tracked the prices of U.S. single-family homes since 1987.
(ARTICLE CONTINUES BELOW)
“While the early signs of improvement are in place for housing, the market will likely remain out of balance for some time, given the flood of foreclosures,” Meyer wrote.
“Home prices are likely to continue to fall, albeit at a slowing pace, even after the economy technically emerges from the recession.” Home prices have fallen 32.6 percent from their peak three years ago, S&P/Case-Shiller said.
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16 Responses to “US Home Prices Seen Falling 40% Overall: Analyst”
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July 3rd, 2009 at 10:03 am
It was planned over fifteen years ago to make people’s homes an over-valued investment and allow them to finance it at low interest rates, or to take out a second mortgage to buy more useless junk. Then pull the rug out from underneath them as the middle class tends to have their home as their primary asset. Transfer or wealth where the cash rich now go in and buy up foreclosures for pennies on the dollar while your family picks out a spacious one at tent city.
Next…massive unemployment as a result of the banking scandals and top companies going broke. Many of these defunct companies were broke ten years ago and hid it all off their balance sheets with “creative” accounting techniques. So now even if you didn’t lose your home and have the lowest interest rate mortgage in history, you don’t have a job and you can’t pay…you lose. Health insurance usually being the crippling expense for a family of four…because the squeeze has been on the citizen forever concerning health care and the insurance racket. And now you don’t have a job so your employer doesn’t even help with this any longer.
The stock market and mutual funds were a baiting technique to get the middle class unsophisticated investor into the market, which is actually very risky, by convincing them that diversification diminishes this risk. Your financial advisor that got you into them only to eventually see your portfolio crash thirty to forty percent less was an ignorant robotoid moron. The creation of boom and busts totally planned and controlled. Another way to sap the middle class out of its hard earned devalued dollars. The stock market actually used to be a very risky game only for the extremely wealthy. But then they thought they would sucker in the middle class fools with stars in their eyes of becoming rich from the market.
The elite knew in 1998 that getting out of the U.S. dollar and putting it into Euros was key.
As was investing in gold and oil. Now you can take those assets that appreciated substantially since then and convert them now into even more valueless US dollars and buy up everything at a bankruptcy sale discount.
Thank your Congress most of all…they are the ones wearing the strap-ons that are now riding your ass.
pitofdoom Reply:
July 3rd, 2009 at 12:58 pm
The first 78 oil “crisis” was the bell of real change, but theft was easier!
Starvation’s going to really really suck!
Madman Reply:
July 3rd, 2009 at 5:50 pm
As long as their is sun, water, and air, their will be something to eat…
Get Linda Runyon’s books and cards now, were all going to need to eat daisies, clover, etc to survive… many of our fellow man will starve to death, in a field full of vegetation.
Geolibertarian Reply:
July 3rd, 2009 at 8:21 pm
And the reason they’ll starve to death is that, under the current system, those without government-issued land titles have no right of access to the Earth on which all must live yet which none produced, and hence no right to live upon it:
http://www.wealthandwant.com/docs/ajo_slavery.html
http://www.geolib.com/sullivan.....ights.html
If you have no place to stand without being called a “trespasser” or “vagrant,” then Linda Runyon’s books won’t do you much good.
Madman Reply:
July 3rd, 2009 at 9:49 pm
http://www.youtube.com/watch?v=9KNBYby58C0
Let’s get back to living by the law of jungle. I am tired of living under the bulls*it laws created to enslave us… time to toss off the shackles and fight… the books teach you how to eat weeds and such, so even if the do try and do some weird trespassing thing, weeds grow on the streets, in the roads, etc… and I doubt many people will press charges for eating weeds, more than likely, they’ll thank you for getting them out of their yard. If not, you have the excuse of going, I was pulling weeds! Just trying to help.
zarathustra88 Reply:
July 5th, 2009 at 12:39 am
Money is Liberty. When you borrow money, you voluntarily submit yourself to interest slavery. If you went into mortgage slavery that is your own damn fault. I don’t have a mortgage because I’m not a damn fool. People that mortgage their lives to buy homes and automobiles sell themselves into slavery. People that collect the interest on the loans ride around on the mortgagors back. Go to your local Home Depot and get the price on a wall stud and calculate how many you can buy with one mortgage payment. Housing is way overvalued. Let the housing market crash! Beware though, if you walk out on your mortgage and claim bankruptcy the IRS sees the clearing of your debt as income and you will be taxed.
July 3rd, 2009 at 12:30 pm
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Sign:
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Say “no” to a one world criminal government!
July 3rd, 2009 at 12:34 pm
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SIGN [currently 10,277 signatures]
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DIRECT-EMAIL ADRESSES… HERE:
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Videos:
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July 3rd, 2009 at 12:34 pm
##PETITION OF THE CITIZENS OF EUROPEAN UNION COUNTRIES AGAINST LISBON TREATY RATIFICATION##
Sign:
http://www.petice.eu/?lang=EN
Say “no” to a one world (criminal) government!
July 3rd, 2009 at 12:38 pm
#########EUROPE GOING CRAZY#########
SIGN AGAINST THE INAUGURATION OF BOMBODROM.
It would be the largest training area in Europe and essential in the preparation of military intervention of NATO and the EU.
[FOR GERMANY] UNTERSCHREIBEN SIE HIER:
https://www.campact.de/bomb/sn1/signer
Read info:
http://www.militarybases.twoday.net/stories/762920
July 3rd, 2009 at 12:51 pm
But if allowed you owe every cent of principle of that “modification”!
July 3rd, 2009 at 11:32 pm
40%? I’m pretty sure the area I live in has hit that already. To me this is like now predicting that a former Charlie’s Angel and former pop star will die on the same day.
July 4th, 2009 at 3:12 am
40%? I’m pretty sure the area I live in has hit that already. To me this is like now predicting that a former Charlie’s Angel and former pop star will die on the same day.
Sorry… forgot to say great post – can’t wait to read your next one!
July 5th, 2009 at 5:48 am
All around the globe this bubble of real estate was inflated. I really do not feel that 40% reduction/correction is big. Consider the fact that in some parts the rates went up 400% in just one and half year! We may even see 70% correction in prices!
July 5th, 2009 at 8:49 am
WHAT DOES IT MATTER IF ITS TURNED TO ASHES ANYWAYS
THINGS USELESS THINGS THATS WHAT WE CARE ABOUT NOT THE ELDERLY NOT THE CHILDREN OR THE SICK BUT OUR SHIT SHIT GARBAGE MADE FROM BRICKS AND MORTAR.
WHO MADE BRICKS AND MORTAR AGAIN? ITS ALL DUST IN THE END AND SO ARE YOU…
REALESTATE
LOL TENANT. YOU DONT OWN ANYTHING SLAVES DONT YOU KNOW THAT? THEY ARE GONNA TAKE ALL YOUR TOYS AWAY IF YOU DONT BEHAVE!!!!!!!!!!!!!!
July 9th, 2009 at 1:54 pm
These days multiple people choose to apply for loans using Internet. I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Look forward to reading more from you in the future.