The long-predicted correction in U.S. housing prices has apparently begun.
The median selling price fell for the first time in 11 years last month, on an annual basis, pushed lower by the largest glut of unsold homes since 1993, and some economists fear the worst may lie ahead.
The price fall comes amid concerns that the U.S. housing slump could quickly spread to other areas of the economy as consumers react to the falling value of their nest eggs. In recent years, homeowners have used the equity built up in their homes to finance their lifestyles. A U.S. downturn now could also spill over into dependent economies, including Canada’s.
Hooray! Good for Bill Clinton. He finally called Fox News and the right-wing on their BS, right? Well, sort of.
… I’m glad the Chris Wallace interview is flying all over the internet, but I really hope that one person who will watch it over and over again is Bill Clinton. And that on the fifth or sixth viewing it might occur to him that the more cover he gives Bush and his cronies, the more they’re able to increase and entrench their power. Power they use to destroy everything that Clinton purports to stand for.
There is a fundamental point here. I, and many others, think that the Democratic leadership has profoundly misjudged the nature and intentions of the conservative movement. John Dean, in his book Conservatives Without Conscience, warns that we are witnessing the rise of an authoritarian government, and Kevin Phillips, in American Theocracy, warns that the current Republican leadership is intent on bringing about a theocracy. This is not politics-as-usual.THIS is what the bloggers are so shrill about.
In March I wrote,
Maybe, just maybe, they mean the things they are saying. And I think this warning about the extreme things the Right is saying is a big part of what political blogging is about.
Here it comes. After this news buyers will start demanding price reductions. This can only accellerate — this bubble could “unwind” very rapidly. Where IS the bottom? Just remember what happened when the stock market bubble popped. Existing-home prices fall for 1st time in 11 years,
Median sales prices of existing homes fell from year-ago levels in August for the first time in 11 years and just the sixth time in the past 38 years, the National Association of Realtors said Monday.
Sales of existing homes fell 0.5% in August to a seasonally adjusted annual rate of 6.30 million, the industry group said.
And the ripple effects are beginning to spread with mortgage companies and realtors starting to lay off employees:
The new Rolling Stone article, Will The Next Election Be Hacked? by Robert F. Kennedy Jr. in cludes an on the record claim by a former Diebold employee that they changed the software in the machines the night before Georgia’s 2002 primary election. This, or other altered software could still be there for the November election. Of course, the point is, with these machines there is no way to prove that the reported vote counts reflect how the voters voted.
From the article,
Go watch the clip, the whole clip and everything in the clip.
And then, start DEMANDING that the press ask Bush what HE did about bin Laden before 9/11. Ask Bush what HE did after receiving an August, 2001 intelligence warning titled “Bin Laden Determined to Strike WIthin US.” Ask Cheney how many times, after being put in charge of the anti-terrorism task force, he met with them. Ask Condi Rice what she did after Richard Clarke asked her to set up a meeting to discuss terrorism.
I’m back from New York and the Clinton Global Initiative. But I’m jet-lagged and exhausted – didn’t get more than 4-5 hours sleep any night this week. So maybe not much blogging from me today, maybe not tomorrow.
CLINTON: But at least I tried. That’s the difference in me and some, including all the right wingers who are attacking me now. They ridiculed me for trying. They had eight months to try and they didn’t…I tried. So I tried and failed. When I failed I left a comprehensive anti-terror strategy and the best guy in the country, Dick Clarke… So you did FOX’s bidding on this show. You did you nice little conservative hit job on me. But what I want to know..
Link TV wrote to me about a show this weekend that “tackles the stereotypes the West has come to associate the Arab world by providing entertaining, humorous and historically-relevant clips of Arab TV”
Tune in this weekend to Ramadan Primetime
Program premieres Saturday at 5 p.m. PT/ 8 p.m. ET.
Sunday, Sept 24, 8:30 p.m PT/11:30 pm ET
This Link TV original production explores the unique television programs that people across the Arab Muslim world watch during the holy month of Ramadan, which begins this year around September 23rd. It is in this season of high TV viewership that Arabic-language networks premiere their most exciting primetime programs — from light- hearted game shows, racy soaps and Friends-inspired comedies to religious talk shows and epics.
Merrill Lynch economist David Rosenberg calls it “the House of Horrors.”
He’s referring to his fear that a plunging housing market could turn even uglier, taking the breath out of the economy and the stock market.
… He was fretting about foreclosures nationwide surging 53 percent year-on-year in August. He was pointing out that while many adjustable-rate mortgages have yet to move upward, already the Homeownership Preservation Foundation is receiving a record number of calls from borrowers seeking help.
Whether the housing downturn will still allow a so-called soft landing for the economy or yank the shopping instinct out of the American consumer remains to be seen.