December 23, 2008

House values plummet at depression-era rate

Sales of single-family houses in the U.S. dropped in November by the most in two decades and resale prices collapsed at a pace reminiscent of the Great Depression!

A 13 percent drop in the median resale price from a year earlier was the most since records began in 1968 and was likely the largest since the 1930s, the National Association of Realtors said.

The figures were worse than economists had forecast and signal that the battered housing market that led the economy into a recession may be taking another lurch down. Sliding property values mean more Americans will be under water on their mortgages, destroying household wealth and undermining consumers’ purchasing power.

Editor's comment: The bankers and brokers did this same thing back in the 1930's and got away with it, so their successors figure they can get away with it too. They are sadly mistaken.

The general public is far better educated nowadays and we have far better means of communication. We know exactly who is to blame. If the government fails to hold bankers and brokers responsible for this financial crisis, then WE THE PEOPLE will use vigilante justice and have our way with those responsible.

I do not care one wit about lawyers, court orders, judges or jail. The people responsible for wrecking the lives of millions of honest, hard-working, middle class people are going to be made to pay an awful price for what they've done. In fact, I will go so far as to tell the bankers and brokers they should submit themselves into Prisons now. It may be the only place they're safe from us!

Full Details about housing values plummeting here