"NEW YORK (CNNMoney.com) – The decline in residential real estate accelerated though the end of 2007, and home prices in 20 key markets plunged 8.9% for the year, according to a survey released Tuesday.
The S&P Case/Shiller Home Price index showed its largest annual drop in its 20-year history. By comparison, during the 1990-91 recession, home prices fell 2.8%.
Prices dropped faster throughout 2007 with the index recording a 9.1% year-over-year drop in December.
“We reached a somber year-end for the housing market in 2007,” said Robert Shiller, Chief Economist at MacroMarkets LLC and co-founder of the index, in a statement. “Home prices across the nation and in most metro areas are significantly lower than where they were a year ago.”
All metro areas are now reporting at least four consecutive monthly declines."
[quote]BostonBarrister wrote:
How did that explain the concurrent property bubbles in the UK, Australia, etc?[/quote]
By virtue of the same phenomenon of central planning in a capitalistic society. Though in the UK it is not called the Fed…though they typically follow the lead of the US. Too bad, so sad.
Oh yeah? When did it become vogue to take on debt v. saving when the mantra used to be a penny saved is a penny earned? It seems the virtues have flip-flopped almost completely – about the same time our government decided we had to consume our way to economic prosperity.
Just to show how much inflation has bit us: can you imagine bending down to pick up a penny and reciting that same mantra out loud to yourself?
[quote]LIFTICVSMAXIMVS wrote:
pat wrote:
No they don’t.
Oh yeah? When did it become vogue to take on debt v. saving when the mantra used to be a penny saved is a penny earned? It seems the virtues have flip-flopped almost completely – about the same time our government decided we had to consume our way to economic prosperity.
Just to show how much inflation has bit us: can you imagine bending down to pick up a penny and reciting that same mantra out loud to yourself?[/quote]
[quote]
BostonBarrister wrote:
How did that explain the concurrent property bubbles in the UK, Australia, etc?
LIFTICVSMAXIMVS wrote:
By virtue of the same phenomenon of central planning in a capitalistic society. Though in the UK it is not called the Fed…though they typically follow the lead of the US. Too bad, so sad.
BostonBarrister wrote:
How did that explain the concurrent property bubbles in the UK, Australia, etc?
LIFTICVSMAXIMVS wrote:
By virtue of the same phenomenon of central planning in a capitalistic society. Though in the UK it is not called the Fed…though they typically follow the lead of the US. Too bad, so sad.
Global depression, collapse of currencies, worldwide police state similar to ‘1984’…how wonderful…
[/quote]
You keep saying this BS but the opposite is likely to happen. Police states require money and effort. We are much more likely to get balkanization, local terrorism, lawlessness etc.
Global depression, collapse of currencies, worldwide police state similar to ‘1984’…how wonderful…
You keep saying this BS but the opposite is likely to happen. Police states require money and effort. We are much more likely to get balkanization, local terrorism, lawlessness etc.
Look at what is happening in the world! [/quote]
I’m assuming that chaos will be dealt with by governments, that they will respond to disorder as a threat to their rule. They will use every possible means to retain order.
Third world countries Balkanize because they don’t have the resources to control their populations. That’s why you don’t see cameras on all the street corners in Nairobi. If however they threaten global disorder, they will be dealt with by the 1st world.
I certainly hope none of these happen, but governments rule by force. That’s one reason they fund and run scientific research, to conquer their own citizens.
