US Housing Crisis Officially As Bad As Great Depression – CNBC

US Housing Crisis Officially As Bad As Great Depression – CNBC

Excerpt;
It’s official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.

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Mater reads comments;

There is nothing happening that wasn’t clearly revealed as early as 2006 when the mad, mad, mad real estate bubble began it’s slow painful leaking squealing of decline.


Here is a post from November 2008, this shows how early the truth was told, but not in the main stream press, no, the ptb were not willing to tell how great a depression our economy was headed into. Charts & In Depth Details from doctorhousing.com

Who is to blame? Most of us already know, but some are just now waking up to the truth, we were set up to fail, by the too big to fails.

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Current Dr.HousingBubble Article

June 14, 2011
The Southern California housing spring that never was. Median price for a Southern California home falls by 8 percent year-over-year. Sales collapse by 17 percent pointing to future problems.

The spring bounce never arrived to the national housing market and certainly did not pay a visit to Southern California. Home values across the nation are experiencing a strong double-dip courtesy of a continually weak economy. As the layers of financial bailouts are peeled back like an onion we realize that housing values were extremely inflated and incomes never justified prices. The mania was purely psychological and given the mini bounce in 2010, even an epic housing collapse wasn’t enough to deter more people from jumping back into the frying pan. It was amazing how many people were telling me about the “deals” they were landing last summer. It was as if they were on the Antiques Roadshow and were told they had magically found an ancient coin in their mattress. Simplicity is rarely examined but the fact is nationwide incomes and incomes here in California never justified housing prices (in many areas of California bubble still persist). This is obvious. Yet the banks are now wedded to inflated book values and the machine can no longer convince larger groups of people to buy. Southern California had no spring bounce and here we are entering the summer selling season.
Read the rest here.

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2 thoughts on “US Housing Crisis Officially As Bad As Great Depression – CNBC

  1. Hi Musemater,

    It's only a depression if the president says it's a depression, and he ain't saying it, so it must not be so….that is honestly the logic of the people that I work with. I work in Detroit, so, yeah, well…sigh….

    Denial is not a river in Egypt.

Musings

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