CNBC | Housing Market Slips Into Depression Territory

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…



Comments
4 Responses to “CNBC | Housing Market Slips Into Depression Territory”
  1. Randy says:

    It’s true, if the government had not listened to the banks, and bailed them all out with tax payers money only to watch the banks and big insurance corporations invest in themselves and not the tax payers they were supposed to help, we all would not be in this situation today. Instead if the government, who now ownes >90% of Freddie Mac & Fannie May, would have just lowered everyones mortgage loans to 4% across the board we all would be in our homes today, the government would be receiving all their property taxes and making money from the 4% they were charging all the homeowners. The economy would definately had righted itself by now as the homeowners would have more money to reinvest. The banks would have to figure out how to get rich on their own. It sickens me to see all the TARP money being paid back and we will see 2.5 millon homes forclosed on this year while Chase and the other big banks our forcasting record profits. Does anyone in government today even going to question how this can happen?

  2. Pamela Edwards says:

    WOW talk about your DEADBEAT HOMEOWNERS.Maybe we should offer a bailout or better yet how about one of those cute little HAMP modifications.

    • Albert Salazar says:

      Dear Mrs. Pamela Edwards,
      I guess I am a DEADBEAT HOMEOWNER. I have been working for the same company for 30 years, unfortunately I lost my job of Vice President on January 31, 2010 from this economy. It took me 35 years to have the nice things in life, to loose everything within one year. Lets face the facts that the bank do not want to work with you if you have a jumbo loan. Their answer to my loan modification was denied, because i was unemployed. Again, they told me to do a short sale, so some investor can make money. on another note, my neighbor just bought his houses for half the price that i did. His property taxes is also half what i pay. The Problem here is the banks just do not want to help. They want your house. Why Should someone pay their mortgage when they owe more then the house is worth by over 50%. By the way, it is going to take from 15-20 years for the economy to get back to the way it was. I feel that the banks should help all the deadbeat homeowners, just the way the banks got help from our hard earned money.

      • J A says:

        Hi, Albert,
        Just from reading her post on this article about the White House, I think maybe Pamela was making a sarcastic jab at the government for being deadbeat homeowners! I hope so anyway..

        And I feel your pain. I lost my home to foreclosure in 2008 after being only three months late, and why was I late? Because they fraudulently increased the amount of my monthly payment from what I had signed for on my loan docs (and could afford) to a much higher amount. My case was fraught with fraud through and through. I keep waiting to read good news that something is finally being done to recompense those of us who have already been scarred permanently and had to rebuild our lives with sticks and shards of the pieces leftover from them falling apart. Sometimes I think I’ll be waiting forever….

Leave a Reply