HOME PRICES FALL BY LARGEST AMOUNT EVER
February 15th, 2007* yawn *
Via: CNN:
The slump in home prices was both deeper and more widespread than ever in the fourth quarter, according to a trade group report Thursday.
Prices slumped 2.7 percent in the fourth quarter compared to the fourth quarter of a year earlier, according to the report from the National Association of Realtors. That’s the biggest year-over-year drop on record, and follows a 1.0 percent year-over-year decline in the third quarter.
In addition, 73 metropolitan areas reported a decline in the fourth quarter, compared to a year earlier. That outpaced the 71 that saw a gain. It was both a record number and percentage of markets showing a decline in the group’s quarterly report. Five markets saw prices unchanged.
Posted in Economy | Top Of Page
This is hilarious graph of a top REIC industry spokesperson’s home value going down…
http://davidlereahwatch.blogspot.com/
“David Lereah’s primary residence, like other houses in the Washington, DC metro area, is losing value. According to Zillow the peak price for Mr. Lereah’s house was 959K in June 2006. Since then the price has declined about 11% to an estimated (Zestimate) price of 852K.”
It seems the MCFCs (Money Creation and Flow Controllers) have stealthily bankrupted New Zealand also:
“To take one out-of-the-way corner of global finance, the amount of bonds denominated in New Zealand dollars by European and Asian issuers has almost quadrupled in the past couple of years to record highs. This NZ$55bn (US$38bn, £19bn, €29bn) mountain of so-called “eurokiwi” and “uridashi” bonds towers over the country’s NZ$39bn gross domestic product – a pattern that is unusual in global markets….”
“If investors turn bearish on carry trades, then the New Zealand dollar will clearly crack,” warn people such as Mansoor Mohi-Uddin…”
http://www.ft.com/cms/s/fe0edd46-bc99-11db-9cbc-0000779e2340.html
p.s.
When They finish playing Their credit/liquidity games (dollar inflation, carry trades, derivatives, LBOs, etc.), the world is going to explode in chaos.
I’m betting New Zealand will fight on the side of the US in The Final War.