Home prices will keep going down
Politics, Bailout News, The Economy, Real Estate October 15th, 2008
The Wall Street Journal has this interesting article:
The Treasury Department’s rescue plan for the U.S. financial industry doesn’t directly address the root cause of the crisis: falling home prices.
But some economists say the government needs to do more to address the underlying problems that triggered the credit crisis. “It’s very disappointing” that the plan doesn’t do anything “to stop the spiral in home prices,” which is reducing net worth and creating a falloff in consumer spending, says Harvard University economist Martin Feldstein. He proposes that the federal government offer low-interest loans to replace 20% of homeowners’ mortgages.
The government’s latest intervention comes as mortgage delinquencies continue to climb and home prices are plummeting in many markets. Some 5% of mortgages were at least 30 days past due at the end of the third quarter, according to Equifax and Moody’s Economy.com, up from 4.6% in the second quarter and 3.5% a year earlier. In Florida and Nevada, delinquency rates now top 8%.
October 15th, 2008 at 4:23 pm
HOW ABOUT THIS:
NO INCOME TAX FOR PEOPLE WHO BOUGHT HOME BETWEEN 2003-2007.
COMRADE BUBBLE WILL BE THE FIRST IN LINE TO APPLY.
October 15th, 2008 at 4:25 pm
hey honky,
how is Cal State Long Beach nowadays?
one of my friends wants to go there.
October 15th, 2008 at 4:29 pm
HORRIBLE, STUDENTS HERE ARE SELLING THEIR BODY ON THE STREET BECAUSE THEY ARE UPSIZED DOWN ON THEIR HOME.
October 21st, 2008 at 4:49 am
My God! Where do we go?