Dec 23, 2008

We're All Going To Die: Update

The end is near. Very near.
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.

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.”
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.

Stop All Monsters predicts riots in the fall of '09.

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