You Didn’t Work For That

The government built that …

And this …

Government housing, how does it look to you. It’s rent controlled as well …

Getting ready …

What are you doing here? Did you think??? Why is it so wet?

What government does …

You didn’t work for that either. Did you know that people will buy them from you, and the money can be turned into alcohol? Did you know?

Recovery Spring: UGLY: House Price Index Misses Expectations With A Big Downward Revision To Last Month

We’re being played, for somebody’s re-elect campaign. Any idea who.
Theyre up, It’s up, it’s up. Oh oh the revision is coming. Look out below.

Housing week has been a disappointment.

The latest:

The FHFA house price index showed that home prices grew 0.0% in the month vs. expectations of a 0.3% expected gain.

And then then last month was revised from a gain of 0.7% to just 0.1%.

You can find the full report here

It’s down, sigh.

In Obamaville, The 78 Sq Foot Apratment, Only $800 A Month In Manhattan

From The Blaze:

In June, we brought you news of the 720 sq. ft. house — which was home to a family of three — down South. Many of you couldn’t believe a family could live in such a confined space. So maybe you’ll be even more surprised to meet Luke Clark Tyler, who lives in a 78 sq. ft. apartment in Midtown Manhattan.

Yes, 78 sq. ft.

Foot Rest Included, else what would do with your feet?

Let’s just call them “cells” for short. So in Obamaville live in luxury in your new cell. If they allow you out.

… with an average cell in a U.S. federal supermax prison:

Looks like the “1984″ George Orwell’s classic movie housing becomes fact.

Residential Starts Drop 1.5%, Single-family Starts Drop 4.9% in July

The housing market continues its struggle to find a bottom.  The Census Bureau and HUD’s numbers for residential construction in July show sharp declines in permits and starts:

Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 597,000.  This is 3.2 percent (±1.2%) below the revised June rate of 617,000, but is 3.8 percent (±2.2%) above the July 2010 estimate of 575,000. …

Privately-owned housing starts in July were at a seasonally adjusted annual rate of 604,000.  This is 1.5 percent (±10.7%)* below the revised June estimate of 613,000, but is 9.8 percent (±10.8%)* above the July 2010 rate of 550,000.

Single-family housing starts in July were at a rate of 425,000; this is 4.9 percent (±8.9%)* below the revised June figure of 447,000.  The July rate for units in buildings with five units or more was 170,000.

Interestingly, completions jumped almost 12% in July, with single-family completions rising 6.1%.

 

US Housing Crisis Is Now Worse Than Great Depression

Last week it was unemployment, which according to Gallup is now 19.2% when you count all categories, that was worse than the Great Depression. Now we have two major indicators. It’s official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.

Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.

The news comes as the Federal Reserve considers whether the economy has regained enough strength to stand on its own and as unemployment remains at a still-elevated 9.1 percent, throwing into question whether the recovery is real.

Real Clear Markets has more here.

Housing Index Is Expected to Show a New Low in Prices

LOL … ‘Double-Dip’ in Housing Prices Even Worse Than Expected

The desire to own your own home, long a bedrock of the American Dream, is fast becoming a casualty of the worst housing downturn since the Great Depression.

Even as the economy began to fitfully recover in the last year, the percentage of homeowners dropped sharply, to 66.4 percent, from a peak of 69.2 percent in 2004. The ownership rate is now back to the level of 1998, and some housing experts say it could decline to the level of the 1980s or even earlier.

Disenchantment with real estate is bound to swell further on Tuesday when the most widely watched housing index is all but guaranteed to show that prices of existing homes sank in March below the lows reached two years ago — until now the bottom of the housing crash. In February, the Standard & Poor’s/Case-Shiller index of 20 large cities slumped for the seventh month in a row.

Housing market nose dives:

First Quarter, Home Prices Tumble

The WSJ reports:

Home values posted the largest decline in the first quarter since late 2008, prompting many economists to push back their estimates of when the housing market will hit a bottom.

New Housing Starts

No turn around in sight.