Share on Google Plus Share on Twitter 2 Share on Facebook 2 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 4 (8 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   19 comments

Exclusive to OpEdNews:
OpEdNews Op Eds

Double Dip In Housing Market Caused By Failure to Prosecute Mortgage Fraud

By   Follow Me on Twitter     Message Richard Clark     Permalink
      (Page 1 of 4 pages)
Related Topic(s): ; ; ; ; , Add Tags Add to My Group(s)

Must Read 4   Well Said 4   News 2  
View Ratings | Rate It

opednews.com Headlined to H2 1/29/11

Author 8235
Become a Fan
  (110 fans)
- Advertisement -

What follows here is largely a synopsis of this article.

  Demand for housing remains tepid as job growth is weak, the unemployment rate remains above 8% into 2011 and the negative inventory trends prove too much for the real estate market to overcome.     Ultimately, home prices are very likely to decline 7%-15% over the course of the coming two to three years.

We've seen clear evidence in recent weeks that the housing double dip is in process.     Price declines have varied depending on different reports with the decline of prices of new homes reported as much as minus 13% year over year.     The problems in housing are not going away and continue to be a problem of supply and demand.

If you're attempting to visualize the problems in the housing market look no further than the following three charts (via Mortgage News Daily):

Read more here.

As CNN points out:

U.S. home prices fell 2% in the third quarter after having gained steadily since early 2009.

 

- Advertisement -

The S&P Case-Shiller Home Price Index has recorded gains in four of the previous five quarters, including a 4.7% jump between April and June 2010.   That leaves national home prices down 1.5% year over year and off 2% compared to the second quarter, according to the Index, which was released Tuesday.

 

The inventory of homes is high with nearly 3.9 million on the market in October, according to the National Association of Realtors.   That means it would take 10.5 months to sell through all of the current inventory.   In a normal market, there is usually a six-month supply.

 

Plus, there's a massive shadow inventory of homes waiting in the wings.   These are homes that are deeply in the foreclosure process or even repossessed by banks but not yet put back on the market.

- Advertisement -

 

Much of the massive shadow inventory of homes is due to the fraud involved with mortgage documents.

As CNN notes in a second article:

Next Page  1  |  2  |  3  |  4

 

Take action -- click here to contact your local newspaper or congress people:
Prosecute the banksters!

Click here to see the most recent messages sent to congressional reps and local newspapers

Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon


Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -
Google Content Matches:

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Was Pat Tillman Murdered by an American Sharpshooter to Shut Him up?

New JFK assassination bombshells

The cholesterol - heart disease scam: How the medical-industrial complex is raking in billions at our expense

Two U.S. presidents implicated by ex-CIA black-ops assassin

Four Ticking Time Bombs That Will Soon Ignite a Revolution

The Ultimate Goal of the Bankster-led Political-economic Warfare Being Waged Against Us Is . . . ?