U.S. Housing Industry Still On Existence Support
With every passing year, the first kind Oracle from the Given, Alan Greenspan, is reminded there actually was a housing bubble and lowering rates of interest to record lows just matters worse. Nearly 4 years following the housing industry peak in 2007, record low home loan rates aren't any match for falling earnings and 9% unemployment.
The Situation-Shiller Home Cost Index, launched on Tuesday, demonstrated that national home values didn't register a substantial alternation in the 3rd quarter of 2011, using the U.S. National Home Cost Index up by only .1% from the second quarter level. Home values are lower 3.9% overall and therefore are now to their first quarter of 2003 levels.
From August to September, housing prices have fallen probably the most in Atlanta, having a 5.9% decline, then Polk Bay and Bay Area, both having a 1.5% drop in housing prices.
