CNBC | Housing Market Slips Into Depression Territory
Home values have fallen 26 percent since their peak in June 2006, worse than the 25.9-percent decline seen during the Depression years between 1928 and 1933, Zillow reported.
November marked the 53rd consecutive month (4 ½ years) that home values have fallen.
What’s worse, it’s not over yet: Home values are expected to continue to slide as inventories pile up, and likely won’t recover until the job market improves.
And while the president is physically protected in an emergency, whisked to a bunker at an undisclosed location, the actual White House is not: The value of 1600 Pennsylvania Avenue has dropped by $80 million, or nearly 25 percent since the peak of the housing boom. It’s current value is $251.6 million, according to Zillow, down from $331.5 million.
You can check out the rest here…
Guess that’s why a Delinquent Equity Loan Forced Foreclosure of White House…
A home equity loan taken out by Congress in 2008 for much-needed renovations to the White House has fallen seriously in default and rumors are swirling that the bank holding the loan is considering foreclosure on the structure.
While the first mortgage on the White House was paid in full decades ago, Congress decided to cash in on the equity of the historical building to make necessary repairs to the infrastructure, including electrical wiring and plumbing. Claw-foot bathtubs were replaced by modern tub enclosures, kitchen appliances in use since 1970 were upgraded to stainless steel to give the kitchen area a more modern look, and then there is that rug for the Oval Office recently purchased after Obama took office.
Now, word is out that the housing crisis has hit Pennsylvania Avenue as well. Reports have come out stating that the White House has lost $80 million dollars in value just in the past two years, which means that it now counts itself among the many American properties that are worth less than the loans taken out on them, i.e. underwater properties.
The government has been given thirty days to come up with around $400 million dollars to pay off the equity loan, but with the White House currently worth a mere $253.1 million dollars, even a short sale may not be in the cards for the stately mansion.
You can check out the rest of this report of the White House foreclosure from TheSpoof.com here…
(Yes, the second half of this post is a SPOOF. Unfortunately, the first part is not)