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US Housing Market Disintegrates In First Quarter, Worst Since 2008 Lows

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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-09-11 07:43 PM
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US Housing Market Disintegrates In First Quarter, Worst Since 2008 Lows
from 24/7WallStreet:




US Housing Market Disintegrates In First Quarter, Worse Since 2008 Lows
Posted: May 9, 2011 at 6:05 am


There is hardly any legitimate research that shows an improvement in the US housing market. That was confirmed again today as real estate website Zillow released its first quarter analysis.

The introduction to the report was unusually depressing even in this period of a calamity of real estate prices and foreclosure rates: “As much as we were hoping to have better news to share this quarter, homes continued to lose value. In fact, home values fell at a pace we haven’t seen since 2008 — the darkest days of the housing recession.”

Zillow reported that US housing prices dropped 3% in the first quarter. The company said it has cut back its forecasts for the balance of the year. “We now believe a bottom will come in 2012, at the earliest.” Zillow also reported that mortgages for 28.4% of single family homes were underwater. Its measurements also show home prices down to 2004 levels.

Home owners and economists have still not found anywhere to turn to solve the real estate problem. No single financial firm, or state, or home construction company can fix the trouble. ............(more)

The complete piece is at: http://247wallst.com/2011/05/09/us-housing-market-disintegrates-in-first-quarter-worse-since-2008-lows/#ixzz1LrO9ry7d



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wtbymark Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-09-11 08:06 PM
Response to Original message
1. I'll admit that I make a descent middle income
but i'd rather put a gun in my mouth than even think about buying a house, financial suicide

watch when this emerging commodities buble bursts next year
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Liberal_in_LA Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-09-11 08:13 PM
Response to Reply #1
2. Emerging commodities?
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Chris_Texas Donating Member (707 posts) Send PM | Profile | Ignore Mon May-09-11 08:16 PM
Response to Original message
3. It still has a LONG way to fall
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