Home sales declined dramatically last month and housing prices posted their sharpest decline in four decades as a rapidly slowing economy discouraged many potential buyers from tip-toeing into the market.Oh, no, they can get worse. The housing crisis hasn't even begun. ARM and Type A loans won't start to collapse until 2010 - and that situation is worse than the sub-prime mess.
Sales of existing homes declined 8.6 percent last month, to a seasonally adjusted rate of 4.49 million, according to the National Association of Realtors, a trade association. The median price of a home fell 13 percent in November, to $181,300 from $208,000 a year ago. That was the lowest price since February 2004.
“They’re about as god-awful as they can get,” said Robert Barbera, chief economist at ITG. “This is pretty breathtaking stuff.”
Stop All Monsters predicts riots in the fall of '09.