We've Got Choice, The Vulture Capitalism Creed
Foreclosures Now One in Five Home Sales
"Home values in the United States fell for the eighth consecutive quarter, declining 11.6 percent during 2008 to a Zillow Home Value Index of $192,119, according to the fourth quarter Zillow Real Estate Market Reports, which encompass 161 metropolitan areas.
The declines mean that U.S. homeowners lost a cumulative $3.3 trillion in home values during 2008, with much of that loss coming in the fourth quarter. Homeowners lost $1.4 trillion during the fourth quarter alone; more than the $1.3 trillion lost during all of 2007. Since the housing market's peak in 2006, $6.1 trillion in home values have been lost."
Two things come to mind about this article. One is that it's a stinking shame that homes where people got booted are now the hot new commodity. The other is that home value loss was a pyramid scheme to begin with. It's hard to decipher which is worse.
"Home values in the United States fell for the eighth consecutive quarter, declining 11.6 percent during 2008 to a Zillow Home Value Index of $192,119, according to the fourth quarter Zillow Real Estate Market Reports, which encompass 161 metropolitan areas.
The declines mean that U.S. homeowners lost a cumulative $3.3 trillion in home values during 2008, with much of that loss coming in the fourth quarter. Homeowners lost $1.4 trillion during the fourth quarter alone; more than the $1.3 trillion lost during all of 2007. Since the housing market's peak in 2006, $6.1 trillion in home values have been lost."
Two things come to mind about this article. One is that it's a stinking shame that homes where people got booted are now the hot new commodity. The other is that home value loss was a pyramid scheme to begin with. It's hard to decipher which is worse.
posted by nolocontendere at 12:22 PM
0 Comments:
Post a Comment
<< Home