Case-Shiller: Housing in Double Dip, fourth consecutive month of dropping home prices
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Deceleration in 18 of 20 cities in the MSAS Annual Growth Rate
In October only 4 cities rose, LA, San Diego, SF & D.C. saw gains in house prices
-6 cities hit all new lows since the collapse began in 2006
CR breaks out the data reflecting previosuly strong housing markets now succumbing to the collapse:
…six markets – Atlanta, Charlotte, Miami, Portland (OR), Seattle and Tampa – hit their lowest levels since home prices started to fall in 2006 and 2007…
Blitzer says the double dip is ‘almost here’ (from here in Phoenix I can tell you it has been here for a while, TPTB have just been hoping and praying it would ‘go away’ all by itself, NOT GONNA HAPPEN.
The US economy and the US consumer, and therefore, the global economy, which is dependent upon the US consumer, WILL NOT RECOVER until they FIX HOUSING. DO HOLC.
ONLY TOTAL SHILLS ARE STILL YAMMERING THAT THIS IS A BLIP AND HOUSING WILL FIND IT’S ‘TRUE BOTTOM’, THE SUPPLY IS 2 YRS AND GROWING WITH THE STRUCTURAL UE ISSUE, IT WILL JUST KEEP
Obama and Geithner have left the BANKS in charge of this, the GSEs and the TBTF keep shuffling paper back and forth for buybacks and assorted BS. GET REAL, THE TAXPAYERS ARE ON THE HOOK FOR ALL OF IT AND WE ALL KNOW IT, JUST BITE THE BULLET AND DO THE DAMNED WRITE DOWNS.
The TBTF seem to be incapable of doing what NEEDS to be done to allow the economy to recover, the CONSUMER needs to be deleveraged from their massive housing debt. JUST DO IT.
..The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas declined 1.0 percent in October from September on a seasonally adjusted basis, a much steeper drop than the 0.6 percent fall expected by economists….
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