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Case Shiller Prolapse Hits New Lows As 20 City Composite Plunges Again, Below Consensus Of -0.2%, "New Recession Low" Plumbed

Tyler Durden's picture


Despite Goldman's expectations of a +0.1% sequential move, and the broader economic lemming consensus of a modest -0.2% drop, the just released March Case Shiller housing data confirmed there is no end in sight for the housing double (or triple, or quadruple, or who cares: take out the Fed's $2.7 trillion and housing really has been in a non-stop plunge for 3 years now), missing expectations and printing at -0.23%. In addition the February data was revised even lower from -0.18% to -0.25% (expect failed career economists at Goldman and elsewhere to disclose this as a huge positive as it is really an increase). The Composite 20 dropped -3.61% on expectations of -3.4%. The press release says it all: "This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation. The National Index hit a new recession low with the first quarter’s data and posted an annual decline of 5.1% versus the first quarter of 2010. Nationally, home prices are back to their mid-2002 levels." Cue QE3, 4, and so forth through QE 666, at which point we may see in uptick in worthless Bernankebux. And as we predicted earlier, bizarro day, with futures about to hit 3 year highs, now reigns supreme.

More from the release:

As of March 2011, 19 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were down compared to March 2010. Twelve of the 20 MSAs and the 20-City Composite also posted new index lows in March. With an index value of 138.16, the 20-City  Composite fell below its earlier reported April 2009 low of 139.26. Minneapolis posted a double-digit 10.0% annual decline, the first market to be back in this territory since March 2010 when Las Vegas was down 12.0% on an annual basis. In the midst of all these falling prices and record lows, Washington DC was the only city where home prices increased on both a monthly (+1.1%) and annual (+4.3%) basis. Seattle was up a modest 0.1% for the month, but still down 7.5% versus March 2010.

The chart on the previous page depicts the annual returns of the U.S. National, the 10-City Composite and the 20-City Composite Home Price Indices. The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.1% decline in the first quarter of 2011 over the first quarter of 2010. In March, the 10- and 20-City Composites posted annual rates of decline of 2.9% and 3.6%, respectively. Thirteen of the 20 MSAs and both monthly Composites saw their annual growth rates fall deeper into negative territory in March. While they did not worsen, Chicago, Phoenix and Seattle saw no improvement in their respective annual rates.

“This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation. The National Index, the 20-City Composite and 12 MSAs all hit new lows with data reported through March 2011. The National Index fell 4.2% over the first quarter alone, and is down 5.1% compared to its year-ago level. Home prices continue on their downward spiral with no relief in sight.” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “Since December 2010, we have found an increasing number of markets posting new lows. In March 2011, 12 cities - Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, Minneapolis, New York, Phoenix, Portland (OR) and Tampa - fell to their lowest levels as measured by the current housing cycle. Washington D.C. was the only MSA displaying positive trends with an annual growth rate of +4.3% and a 1.1% increase from its February level.

“The rebound in prices seen in 2009 and 2010 was largely due to the first-time home buyers tax credit. Excluding the results of that policy, there has been no recovery or even stabilization in home prices during or after the recent recession. Further, while last year saw signs of an economic recovery, the most recent data do not point to renewed gains.

And there you have it: fiscal and monetary policy is now proven to be a complete and total disaster, and Keynes can now be put to bed, except for another year of record 2011 US banker bonuses, of course, which have now tapped German taxpayers to guarantee payouts.


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Tue, 05/31/2011 - 09:16 | 1324916 Id fight Gandhi
Id fight Gandhi's picture

But the people on tv told me the recession was over two years ago and to buy stocks.

Stocks are up for the day all over. How can this be?

Oil surged on the news at 9am

Tue, 05/31/2011 - 09:28 | 1324966 Harlequin001
Harlequin001's picture

Now really, who would have thought that without mortgages, house prices would fall. I'm stunned I tell you, stunned...

Tue, 05/31/2011 - 09:33 | 1324997 Id fight Gandhi
Id fight Gandhi's picture

But I don't want qe3. And most people can't afford it. It just makes food and fuel prices go up and house prices go down. Plus jobs are being lost heavy again.

Shit, chipole Mexican is now a 300 stock! Wtf?!

Why don't people care? American idol and jersey shore aren't worth the attention if you're homeless, jobless and hungry.

Tue, 05/31/2011 - 09:48 | 1325047 Apocalicious
Apocalicious's picture

It's because they are homeless, jobless, and hungry. Opiate for the masses, my friend. Escape from reality...

Tue, 05/31/2011 - 09:54 | 1325069 Harlequin001
Harlequin001's picture

I don't want QE3 either, but I know it's coming.

One day we will all realise that governments don't create money, they are merely the custodians of it. Only then will prices stop rising.

People don't care because you have food stamps and social security; for as long as they are fed they can be distracted with the belief that a recovery is just around the corner. They will wake up, one day...

Tue, 05/31/2011 - 10:12 | 1325137 Bob
Bob's picture

Deflation in assets held by the common man, as well as real wages,and inflation in basic costs of living, true--how else can we keep feeding the banksters and "investors", er, I mean, the productive class?

They do own the "mass media," i.e., the "news."  Not to mention the politicians who must act on it. 

Tue, 05/31/2011 - 10:45 | 1325294 Harlequin001
Harlequin001's picture

Yes Bob but you own the money, and if you own real money then this is the best chance you'll ever get to get ahead in this life.

Sad to say you could argue that it is not you that is getting ahead, but that the rest of humanity is discovering just how badly they have been misled and just how badly off they really are, absent credit.

Who owns the media etc is largely irrelevant if you own the money, you simply need work out how to keep hold of it...

Tue, 05/31/2011 - 09:13 | 1324918 Cassandra Syndrome
Cassandra Syndrome's picture

Transitory bitchez

Tue, 05/31/2011 - 09:19 | 1324942 mayhem_korner
mayhem_korner's picture

Yes.  Last stop before freefall.

Tue, 05/31/2011 - 10:04 | 1325111 Dolemite
Dolemite's picture

Smart money shorting this rally?

Tue, 05/31/2011 - 11:11 | 1325379 Let them all fail
Let them all fail's picture

dude, we get the point, stop posting

Tue, 05/31/2011 - 09:16 | 1324925 I am more equal...
I am more equal than others's picture

The realturd spin...

low prices means now is the time to buy

Buy I say, BUY!  Please buy!  Damn it! Buy!  Prices are low, they'll never be this low again!

Tue, 05/31/2011 - 09:23 | 1324962 FEDbuster
FEDbuster's picture

I saw a commercial on TV last night from the Realtors that stated for every house bought, two American jobs are created?
At the end of the commercial they said "Buy homes, create jobs". I wonder where that jobs formula came from? Sounded bogus to me.

Tue, 05/31/2011 - 09:34 | 1324998 I am more equal...
I am more equal than others's picture

The two jobs are the real estate agent and the mortgage broker.  They should say the appraiser too  - that would be three jobs. 

Tue, 05/31/2011 - 12:29 | 1325012 FEDbuster
FEDbuster's picture

It said "created" not "maintained". They were really waving the flag in the commercial. Here it is guys, now tear it apart:

Sorry about my prior post, they say it's 2 homes sold = 1 job created.

Tue, 05/31/2011 - 09:35 | 1325002 CH1
CH1's picture

Sounded bogus to me

It was that "saw it on TV" part that should have tipped you off.

Tue, 05/31/2011 - 11:15 | 1325402 trav7777
trav7777's picture

lol...for how long?  Sure, there are people who get some work in a house, but people cannot just keep fucking buying houses.

The market is effing saturated...who are these realtor idiots?  Everyone who was creditworthy bought and a hell of a lot who weren't did too.

Tue, 05/31/2011 - 09:19 | 1324926 djsmps
djsmps's picture

And futures jumped +10% on the news. It's great to live in America.

Tue, 05/31/2011 - 09:19 | 1324934 mayhem_korner
mayhem_korner's picture





        (Asset) Deflation &

          (Fiat) Conflagration



Tue, 05/31/2011 - 09:20 | 1324946 SheepDog-One
SheepDog-One's picture

Everyone now willing to cut their own throats, long as a stock can go up for 24 hours. Peak insanity breached.

Tue, 05/31/2011 - 09:20 | 1324935 PaperBear
PaperBear's picture

30 months of ZIRP and the on/off of various QEs and all of the economic indicators are now rolling over.

Gold/silver to the moon and the USD to the fiat paper currency graveyard.

Tue, 05/31/2011 - 09:22 | 1324938 Gordon Freeman
Gordon Freeman's picture

This is all very bullish, in this best of all possible worlds...

Tue, 05/31/2011 - 09:53 | 1325064 gaoptimize
gaoptimize's picture

Prepare for unforeseen consequences.  -From our mutual friend

Tue, 05/31/2011 - 09:19 | 1324940 SheepDog-One
SheepDog-One's picture

They can raise the debt as much as they want, matters nothing. In fact I hope they go for a big one, gold silver and oil to the moon, FRN to nothing.

Tue, 05/31/2011 - 09:19 | 1324941 scatterbrains
scatterbrains's picture

Copper surges higher on the news. I'm wondering if each additional dose of herion going forward, more and more only serves to prevent equity prices from turning lower while the commodity baskets lurch higher and higher.  I can't imagine new highs in equities while   the world is in a depression but I can imagine eqities testing and falling back from the all time highs for many years while commodities double and double again until one day we observe the slightest uptick in commercial realestate prices.

Tue, 05/31/2011 - 09:19 | 1324943 FEDbuster
FEDbuster's picture

Here in AZ we are back to late 90's prices. Down 40-60% from 2006 peak depending on area and price. Foreclosure numbers continue to rise. America's largest asset class is in a death spiral, but the "wealth effect" stock market pump continues to dominate the news. CNBS spent about 2 minutes on this bad news real estate story. The old dude from S&P was on for like 15 seconds.

Tue, 05/31/2011 - 09:23 | 1324944 youngman
youngman's picture

Bizarro day is right...I always thought those Athenians were I know they are celebrating..why...because the other European idiots just paid their welfare for another few on on..he who dies with the most welfare wins...

Tue, 05/31/2011 - 09:26 | 1324961 oogs66
oogs66's picture

maybe we need to see riots in Germany protesting giving away any more money.  nothing seems to stop this market from going higher

Tue, 05/31/2011 - 10:36 | 1325243 flattrader
flattrader's picture

If he who dies with the most welfare wins, the banksters are (of course) ahead of the game.

Welfare for the wealthy...printed money...oil subsidies...etc...

Tue, 05/31/2011 - 09:20 | 1324947 digalert
digalert's picture

Rumbles from the bowels of DC suggest a brand new "Cash4ClunkerHomes" stimuli program.

Tue, 05/31/2011 - 09:25 | 1324969 Harlequin001
Harlequin001's picture

yep, sound bullish...

Tue, 05/31/2011 - 09:31 | 1324981 FEDbuster
FEDbuster's picture

I am waiting for Fannie and Freddie to come out with a "rent to own" program for their REO properties. Eliminates the need for a down payment, perfect credit, etc... Rentals of single family homes have increased an avg of 700K/year over the past four years.

Tue, 05/31/2011 - 11:07 | 1325375 Milestones
Milestones's picture

You may be a hellva lot closer to reality than many may think!!    Milestones

Tue, 05/31/2011 - 15:18 | 1326145 FEDbuster
FEDbuster's picture

Imagine the "job creation" in property management and maintenance for millions of government owned "rent to own" homes.  I wonder if SEIU has thought of this one to boost membership numbers?

Tue, 05/31/2011 - 09:20 | 1324948 Id fight Gandhi
Id fight Gandhi's picture

I really don't like this new normal economy. It's painful to hear the talking heads champion stocks and recovery when we have housing collapse do broad and deep.

It's this bad with low interest rates and tax credits and all the other shit they threw at it.

Tue, 05/31/2011 - 09:42 | 1325023 CH1
CH1's picture

I understand, but that's what talking heads do!

The teleprompters give them happy talk to repeat... that is their job.


Tue, 05/31/2011 - 09:24 | 1324951 dbradsha
dbradsha's picture

Does SRS ever react the way you'd expect to this crap ?

Tue, 05/31/2011 - 09:31 | 1324979 Gordon Freeman
Gordon Freeman's picture


Tue, 05/31/2011 - 10:31 | 1325207 Rusty_Shackleford
Rusty_Shackleford's picture

SRS to ZERO!!!!!



Tue, 05/31/2011 - 09:25 | 1324956 Oh regional Indian
Oh regional Indian's picture

How? Zing!


Tue, 05/31/2011 - 09:25 | 1324957 pepperspray
pepperspray's picture

Looks like I'm stuck mowing my in-law's vacant For Sale house lawn again this recovery summer

Tue, 05/31/2011 - 09:31 | 1324980 Harlequin001
Harlequin001's picture

and I could buy you a new mower with the money I saved not paying the mortgage I haven't got on the house I don't own which has just plunged in value again resulting in another loss I haven't seen...

It's not all bad...

Tue, 05/31/2011 - 09:25 | 1324958 Cdad
Cdad's picture

Over at the BlowHorn [CNBC], an upcoming segment promises to debunk the usefulness of "backwards looking economic data points."  So we know that bankers are, indeed, pumping and dumping with an eye towards new their new bonus pool, as the people of the nation actually suffer from said backward looking data.

This is the period where any and all surviving credibility on the criminal lane known as Wall Street takes its last dying breaths.  

As for the equity market, the razor thin bid all morning suggest FUBAR and illegal trading galore as the algos do what they get paid to do...scalp any fool actually buying into any of today's BS. 

Ponzi scheme market.

Expect an announcement from Ben announcement of deafening silence.

Tue, 05/31/2011 - 09:26 | 1324971 oogs66
oogs66's picture

maybe they could do a series debunking CEO commentary.  As far as I can tell, CEO's have had no better predictive ability than anyone else, yet we listen to their every word on conference calls.  maybe they could show how many CEO's were buying stocks hand over fist in 2007 and 2011 and were not able to buy any back in 2009?  Guess they won't do that, as it would make a lot of their guests irrelevant.

Tue, 05/31/2011 - 09:40 | 1325009 SheepDog-One
SheepDog-One's picture

Anyone actually buying into the stock pop may as well just jump in the Sea World great white shark tank wearing a T-bone wetsuit.

Tue, 05/31/2011 - 09:55 | 1325075 Cdad
Cdad's picture

LOL!  You kill me, Dog.

Tue, 05/31/2011 - 09:27 | 1324964 alien-IQ
alien-IQ's picture

no doubt this will be interpreted as a just and noble reason to induce another rally...

Tue, 05/31/2011 - 09:29 | 1324970 digitlman
digitlman's picture

This is great news. Bring home prices back to mid 1990's levels where average folks could actually afford to put down a decent down payment and not have to use accounting parlor tricks to buy a home.

Tue, 05/31/2011 - 09:29 | 1324984 lizzy36
lizzy36's picture

If only people had actual savings for said down payment.

Average folks to busy paying for food and fuel.......

Tue, 05/31/2011 - 09:31 | 1324989 Gordon Freeman
Gordon Freeman's picture

Just think how good the news will be for you, when the prices then go back to the mid-Eighties!  Free mullet with every open house!

Tue, 05/31/2011 - 10:06 | 1325101 espirit
espirit's picture

"mullet"  Is that the fish... or the haircut?

Tue, 05/31/2011 - 09:40 | 1325007 alien-IQ
alien-IQ's picture

the fly in this ointment is that right now, housing prices are falling along with the dollar. The USD is now below where it was at the height of the housing bubble...What will happen to home prices if the dollar were to rise? (and of course, by "rise" I mean come in second or third place in the fiat race to bottom)

Tue, 05/31/2011 - 09:27 | 1324978 lizzy36
lizzy36's picture

I wonder if Geithner will give a "Welcome to the double dip in housing" speech.

In lieu of that looking forward to El-Erian's op-ed on the subject in about 90 mins.

Tue, 05/31/2011 - 09:34 | 1324987 firstdivision
firstdivision's picture

Sweet, but this is a non-event.  All anyone cares about is Greece is getting yet another bailout and watching the debt ceiling bump pass this afternoon.  No one cares about the reality of a situation, until it cannot be swept under a rug.  I suspect we have about a year or so, until the gorrillia in the room goes apeshit.  IMO we are in a summer 2007 phase as we are throwing everything, including the kitchen sink, to hide the underlying issues.  Let us not all forget that the derivatives market did not contract much, but has expanded.  Risk and bad debt has never been delt with. 

Tue, 05/31/2011 - 09:32 | 1324992 MIDTOWN
MIDTOWN's picture

Check out how many Realtors have chosen not to renew their state licenses.  The home sales are even worse than the headlines.

Tue, 05/31/2011 - 09:49 | 1325050 CH1
CH1's picture

That's what I hear as well.

Tue, 05/31/2011 - 09:32 | 1324993 darteaus
darteaus's picture


Tue, 05/31/2011 - 09:37 | 1324995 redguard
redguard's picture


Tue, 05/31/2011 - 09:36 | 1324996 sbenard
sbenard's picture

We're ALL traders now.

News is now irrelevant. Data is irrelevant. Analysis is irrelevant. Fundamentals are irrelevant. We have printed prosperity now!!

Tue, 05/31/2011 - 09:34 | 1324999 Bleeping Fed
Bleeping Fed's picture

US data doesn't matter anymore.  The Greek situation has been solved--at least until Greek citizens learn that they'll have to commit to being German vassals and burn the entire country to the ground.  Until then, rally on.

Tue, 05/31/2011 - 09:38 | 1325000 Whatta
Whatta's picture

Double dip in housing blamed on weather. Too damned much weather for people ot be looking for a house.

On a "brighter" note...the weather has lowered the number of houses in the USA, drying up the overhang a touch.

Tue, 05/31/2011 - 11:07 | 1325362 mayhem_korner
mayhem_korner's picture

Ouch.  That's "twisted."

Tue, 05/31/2011 - 09:45 | 1325004 bankonzhongguo
bankonzhongguo's picture

Out in sunny California, the local markets have 90 day comps operating at $18/sqft.  Sure those are pretty beat up, but $18 is getting close to land only value.  And this is a "market" saturated with shadow inventory and 400 day NODs.  The sharky real estate investor-agents are sifting through a pool of $40/sqft properties.  That is what your house is worth.

Also, I am seeing rents actually decrease on the lower end. Wow.  5 bedroom houses that rented for $1500 with a year lease are now up for $1200 on a month to month basis.  Even the 2/1 shacks subsidized with section 8 have dropped $100.  When times are tough the lower ends always moves - just not downward.

People do not have jobs and with no jobs comes no money and lower rent.  I am seeing more extended families consolidating under one roof as kids from college have zero prospects and the Diaspora winds up at grandma's paid-off house.  Lets hope that reverse mortgage doesn't put everyone on the street.

When QE3 makes the Fed the largest residential property management company in the world, you'll know what true feudal times are when you make your rent payable to the Sheriff of 33 Liberty.

Tue, 05/31/2011 - 09:55 | 1325060 augie
augie's picture


So much gloom on this page i figure i'd lighten the mood.

"friar tuck, I don't think anyone's coming"

You're god damn right little mouse, it's up to all of us.

Tue, 05/31/2011 - 10:22 | 1325172 augie
augie's picture

elitist reality.

Tue, 05/31/2011 - 09:40 | 1325008 youngman
youngman's picture

The Germans are time to riot....but they will vote...

Tue, 05/31/2011 - 09:39 | 1325015 LRC Fan
LRC Fan's picture

This might prove to be the most boring trading day of the year, if not the decade, if not the century.  Would be shocked to see us dip below Dow +100, or above Dow +150.  We will sit in a 30 or 40 pt range until at least 3pm.  Yawn. 


Tue, 05/31/2011 - 09:43 | 1325019 RobotTrader
RobotTrader's picture

STD and BBVA up 4%

Tue, 05/31/2011 - 09:48 | 1325044 bobby02
bobby02's picture

NBG adding 12 centavos . . .

Tue, 05/31/2011 - 09:52 | 1325052 firstdivision
firstdivision's picture

IBD darlings are still mostly below the market.  Liquidity is still drying up as traders have been unwinding for the big vacay.

Tue, 05/31/2011 - 10:03 | 1325093 Cdad
Cdad's picture

Sell programs across the entire equity market are well engaged.  But indeed, momentum traders were the quickest on the sell switch.

Remember when selling used to cause markets to move lower?  Ah, the good old days.

Tue, 05/31/2011 - 09:41 | 1325022 rsnoble
rsnoble's picture

Houses were too damn expensive anyway.  Of course im sure they won't be revalued for property tax purposes, that's one group of assholes that just refuse to join the depression and literally have the power to put you on the streets in order to keep their sheilded lifestyle.

Tue, 05/31/2011 - 09:43 | 1325025 Miss Expectations
Miss Expectations's picture

"And there you have it: fiscal and monetary policy is now proven to be a complete and total disaster, and Keynes can now be put to bed..."

Died: 21-Apr-1946
Place of Death: Firle, ENG
Cause of Death: Heart failure
Burial: Cremated
Place of Burial: (not available)

Keynes was a proponent of eugenics. He served as Director of the British Eugenics Society from 1937 to 1944. As late as 1946, before his death, Keynes declared eugenics to be "the most important, significant and, I would add, genuine branch of sociology which exists."[119]

I suppose we can continue to piss on his grave, which evidentally is anywhere/everywhere.

Tue, 05/31/2011 - 09:59 | 1325087 Clint Liquor
Clint Liquor's picture

A friend tells me that the length of time you spend in Hell depends on whether the living are still speaking badly of you. Just in case this is true, I purposely say something hateful about John Maynard Keynes everyday.

Tue, 05/31/2011 - 22:43 | 1327428 Hephasteus
Hephasteus's picture

You don't piss on keynes grave. He destroys your grave, the entire world, and salts it with radiation.

Tue, 05/31/2011 - 09:48 | 1325034 GOSPLAN HERO
GOSPLAN HERO's picture

Osama Obama is now sweating the 2012 election, big time !!!

Tue, 05/31/2011 - 09:54 | 1325068 CH1
CH1's picture

Probably not. The NY/DC intelligentsia will puff him to the moon. He will promise free stuff and happy hope from wall to wall. The TV nets will light him and frame him as a demi-god.

Everyone who wants to be protected from reality will vote for him.That's a LOT of people nowadays.

Tue, 05/31/2011 - 09:50 | 1325040 Henry Chinaski
Henry Chinaski's picture

foreclosure properties priced at deep discounts are forcing normal sellers to lower their prices
as foreclosures shake out RE will become more attractive

Tue, 05/31/2011 - 09:50 | 1325053 Zadok
Zadok's picture

To degrees I could not at one time have fathomed, the inversion of reality goes on and on, with increasing frequency and intensity.  

Tue, 05/31/2011 - 10:19 | 1325162 GreenSideUp
GreenSideUp's picture

I am so with you on that.  

Tue, 05/31/2011 - 10:03 | 1325108 Dolemite
Dolemite's picture

Smart money shorting this rally?

Tue, 05/31/2011 - 10:14 | 1325141 Miles Kendig
Miles Kendig's picture

No slowing down or leveling at 5% seen here.

Tue, 05/31/2011 - 10:21 | 1325178 FreeNewEnergy
FreeNewEnergy's picture

The only area in which housing prices rose was Washington, D.C., which shows exactly how out-of-touch and myopic the federal government is.

If you've ever lived around DC (I did), you'll understand just how different the world looks inside the beltway. It's like Disneyland for rich fokkers.

"Sure, everything's fine. Home prices are rising."

My theory on why home prices are rising in DC is pretty simple. The most overpaid government workforce in the nation resides there and they have not suffered job losses anywhere close to the rest of the country. That should be obvious to everybody.

What's not so obvious are the huge sections of DC that comprise some of the worst ghettos in the nation. If you're ever in DC, stay within shouting distance of the mall, and definitely out of the NE quadrant.

Tue, 05/31/2011 - 11:21 | 1325440 trav7777
trav7777's picture

NE?  LOL, no....get it right, SE.  In actuality, DC is now gentrified; places that were offlimits even 10 years ago are yuppied the fuck out.  Everything up to Capitol St is now redeveloped.  Used to be 14th was a ghetto, but even the homeless shelters there are now anachronisms.

A rich lobbyist I know, in the depths of 2008, said that he had been hearing all this stuff about housing crash on the news but "he just didn't see it."  All of his friends and circle were full speed ahead.

I didn't have the heart to tell him that it was because he was a dirty rich plutocrat now, not the Democrat activist he still saw himself as from the mirror of one of the many bathrooms in his $10M house in McLean.

Tue, 05/31/2011 - 10:29 | 1325219 lizzy36
lizzy36's picture

Total home equity lost since prices peak in 2006 amounts to an average of $105K per homeowner. $9k in the first quarter alone.

Combine that OECD consumer prices up the most since October 2008 (2.9% in April) and the surprise is Consumer Confidence isn't worse and more people are using food stamps.

But hey #wealtheffect #transitory.

Tue, 05/31/2011 - 10:31 | 1325225 Worker Bee
Worker Bee's picture

CNBS is "making the case" for a housing shortage next year!!

Tue, 05/31/2011 - 10:59 | 1325342 DeadFinks
DeadFinks's picture

It'll more likely be a tent shortage.

Tue, 05/31/2011 - 10:45 | 1325282 Caveman93
Caveman93's picture

Damn I LOVE Double Dees!

Tue, 05/31/2011 - 11:26 | 1325469 trav7777
trav7777's picture

well, this may come as bad news to people but this housing shit was in a bubble, not driven by fundamentals.

There's no reason for housing to have gone up like it did other than too much credit and too much bullshit.

Prices need to get down to where justified by supply/demand and affordability

Tue, 05/31/2011 - 11:31 | 1325472 csmith
csmith's picture

Check out the Atlanta condo market..."prime" Buckhead properties (Peachtree St/hotel district) going for $125K...50% occupancy and see-through towers everywhere

Tue, 05/31/2011 - 16:16 | 1326341 Atlantis Consigliore
Atlantis Consigliore's picture

Casino:   its all about the dollas,  the f....dollas;

its gonna be a long long long time, 10 years at least

before the Govymint,  allow the realtors,  liars, Lawyers,

fraud mae mac, and $ 1 T underwater fha,


to loan money for mortgages to 50% of the people

on welfare, foodstamps, illegal, bad credit, bums

and mostly dummycrats who " just wanted

to roll the dice a little longer, with Blarney"

Remember: you can never lose all your money in real estate


You can lose 1/2 to start.  


Jump start the economy Blinky and Timmy

fix that stlurbotax, and off balance sheet


2.7 trillions printing.  Turn those machines


back on........


I guess with 1/3 underwater, and 6 million


homes in foreclosures and 60 days behind


full of mold/ unlivable, and another $ 3 Trillion


in second mortgages;   the realtors


can call it a NO Suck Loan, no income no asset


no pay, defaulted, florida, ariz, nevada, 1/2 in

foreclosure;  PIT.

Anybody wanna buy any fraudie mortgage notes, or

Greeece Tnotes next?  anyone?


We ll just raise taxes.  Laugh.

Fri, 08/12/2011 - 20:43 | 1556058 nameman
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