Tuesday, December 30, 2008

Home Prices Drop For Staggering 27 Months In A Row

Home prices post record 18% drop

"Home prices posted another record decline in October, falling 18% compared with a year earlier, according to a closely watched report released Tuesday.
The 20-city S&P Case-Shiller index has posted losses for a staggering 27 months in a row. In October, 14 of the 20 cities set fresh price decline records."

About a year ago I had a conversation with the Mrs about what the coming economic collapse would look like. I believe I was right in thinking that institutions would soldier on as if nothing bad was happening, the paperwork would be churned out, with banks pretending to be solvent and phony smiles would be the order of the day.

Home prices have tanked but the shell of a failed financial system lives on like fingernails growing on a corpse. I've been checking out housing throughout the SW and I'm here to tell you the scumbags and parasites are loathe to give up the free ride they've had for the last bunch of years. Sale and rent prices are hallucinagenic. We're in uncharted territory and it's only a matter of speculation when reality will set in.


Blogger Mad_Tinfoil_Hatter said...

I've got to tell you, nolocontendere, I've really enjoyed your roving travel reviews and eyewitness accounts of goings on out West. You are like Charles Kuralt, without the warm-and-fuzzy horseshit spin on the facts...

30/12/08 6:03 PM  
Blogger nolocontendere said...

Well thanks, MTH. Best to you in the coming year.

31/12/08 2:54 PM  

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