Monday, March 26, 2007

There Goes The Housing Bubble


The Commerce Department reported that housing sales declined sharply in February, following a 15.8 percent decline in January. Median housing prices fell to $250,000, and foreclosures are on the rise. Meanwhile, Republicans tell us the economy is "booming" under Bush, but the reality is the subprime mortgage crisis could hurt the economy. (Which, as Bernie Sanders put it is really only booming for one percent of the population.
Housing prices are not falling in the west, however, as most people are seeking to leave the rust belt for places where there will actually be jobs in the future. I eman jobs where you can actually afford a $250,000 median priced house.

6 comments:

sumo said...

I'm fortunate that this doesn't apply to me...if it did I'd be so screwed because I no longer work so there's just Mr. Sumo's income. But we own our house and I know I am very lucky. My heart goes out to those in trouble.

azgoddess said...

ok -- how about the homeless housing shortage -- oh wait -- they're homeless so they dont own a house...

Corey said...

New consumer confidence numbers may point to housing-led recession: http://infohype.blogspot.com

Undeniable Liberal said...

The bubble is hitting the liberal manor pretty hard right now, the payments just keep going up and up...if we ever have to sell we are fucked without a kiss.

Kvatch said...

eman jobs where you can actually afford a $250,000 median priced house

Well, if those former rust-belt residents are looking for $250,000 homes out here in the West, they're in for a rude surprise. The median price out here, statewide, is now over $500,000.

dusty said...

As with the savings/loan debacle..this one also smells like bat guano. Lending practices relax and they loan to anyone with a pulse..then wonder why those folks can't make their housepayments.

The govt better not bail these fuckwitted lenders out..