Case-Shiller Index shows downward trend toward double dip in housing. We are seeing effects of the failure of the the administration and congress to get the banks to negotiate with home owners and reduce mortgage payments and/or principal reductions. For some reason the Congress has the crazy idea that they could count on the banks to actually try and help slow the snowballing foreclosure numbers. It is as if the banks have a key to the US mint and just take whatever they need and not do a thing in return. The banks could have ended this recession 2 or 3 years ago if they would have kept people in their homes. Now when they are getting another free handout from the government, they banks are still racking up the foreclosures and refuse to work with home owners. It is a complete joke but typical of this administrations lack of will to stand up to the big money banks.
It is as if they have so many better things to be doing that stopping the housing crisis, whatever that is I don't know but the could eliminate a few points in the unemployment rate by stopping the falling housing prices.
With foreclosures high and demand weak, home prices in a majority of the nation's largest metropolitan areas posted fresh lows in December and pushed a widely watched index of real estate values close to a double-dip decline.The Standard & Poor's/Case-Shiller index showed that prices in 20 major U.S. cities dropped an average of 2.4% in December from the same month a year earlier and 1% from November, the fifth straight month the index has fallen.And experts said things could get worse.
Standard & Poor's/Case-Shiller index, double dip: Home prices edge toward double dip - latimes.com
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