Home Prices Decline Another 6.8%; Foreclosures Rise...

The politicos and talking heads can lie all they want but the numbers speak for themselves.

U.S. home prices fell 6.8 percent in April from a year earlier as rising unemployment and record foreclosures kept buyers out of the market.

Measured monthly, the average price fell 0.1 percent from March, the Federal Housing Finance Agency in Washington said today. The number was projected to drop 0.4 percent in April, according to the median forecast of 15 economists in a Bloomberg survey.

The housing slump has reduced the median price of an existing home 26 percent from the July 2006 peak, pushing affordability to near record levels. Prospective buyers are now being constrained by rising mortgage rates, the highest unemployment since 1983 and concern the housing rebound will be anemic.

www.bloomberg.com...

People are waking up, take a a look at this article:

The vanish: new all-time audience lows for abc, cbs eveningnews...
www.mediabistro.com...

Many people are getting sick of all the BS

And more companies are now asking for bailouts

Ford, Nissan, Tesla to get govt loans
www.google.com...

and more

Forty Banks Fail in First Half of 2009
www.propublica.org...

Three Banks Suspend Their TARP Dividends
online.wsj.com...

it just keeps coming and there is no end in sight



[edit on 23-6-2009 by warrenb]

This is a shame. People owe more on their homes than they are worth. The only fix, is to foreclose and hope for the best.

Still, they have made it next to impossible to foreclose at some banks. I know someone who foreclosed last October, and is still fighting the bank. They have cleaned out her savings and checking account and still want her to pay for the house because they are unable to sell it.

Sick. I wonder who else is having this problem, while trying to foreclose?


Thanks for the numbers. I knew things were bad, but it's nice to have confirmation and know what is going on...

Just last week I was reading that they expect in places like LA and Miami, home prices to drop at least another 25% to 35% before they level off... when talking about markets like Detroit they said they may never recover

sorry double post

[edit on 23-6-2009 by DaddyBare]