O My the housing crisis is still going

NEW YORK (CNNMoney) -- The housing market picked up more momentum in August, as the average home price for 20 major cities jumped 0.9%, according to the S&P/Case-Shiller home price index The increase marked the fifth consecutive month of gains for the index with all but one city, Seattle, recording month-over-month price increases.

http://money.cnn.com/2012/10/30/real_estate/case-shiller-home-prices/index.html?iid=HP_LN&hpt=hp_t2

hmmmm, housing is coming back in every city in the nation save one?

we had better pass some tissues to the righties.

The righties will be in here shortly with their hastily made graphs to illustrate that this is a lie. Obama is only showing increased prices on sold homes and the prices on for sale homes are steadily dropping and homes that havent been sold in over six months are not on the market any longer blah blah blah blah blah. Shit I think I didn't misspell enough words to be a republican. Oh well take my lack of commas to mean I am semi-conservative for this post.

What does this have to do with "righties"? The housing market has been in the shitter for years now, a recovery was eventually going to happen regardless of who is in the WH.

One-starred.

Totoe said:

The righties will be in here shortly with their hastily made graphs to illustrate that this is a lie. Obama is only showing increased prices on sold homes and the prices on for sale homes are steadily dropping and homes that havent been sold in over six months are not on the market any longer blah blah blah blah blah. Shit I think I didn't misspell enough words to be a republican. Oh well take my lack of commas to mean I am semi-conservative for this post.

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Wow, now we are pre posting the other sides arguments before they even get started in attempts to what, prove to yourself how right you think you are?

This is getting sad, is the fuckin election over yet?

brotherjericho said:

What does this have to do with "righties"? The housing market has been in the shitter for years now, a recovery was eventually going to happen regardless of who is in the WH.

One-starred.

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The same could be said for the economy, but politicians love to use both as talking points about the other.

Totoe said:

The same could be said for the economy, but politicians love to use both as talking points about the other.

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it could be, but the government plays a bigger role in the overall economy than they do the housing market. It was government that screwed the housing market up, which was a huge contributor to the collapsing economy.

The best that government can do, at least the federal one, is to get out of the way and allow capitalism to work in the housing market. Some regulation is still necessary, but making loans easier for people years ago is what started this shit. When government manipulates a market like that, it almost always turns out negatively.

I fully expect the next bubble to be education.

^ Yeah, anytime anything gets manipulated, a new weakness is created and open to exploitation. The governments role in economy and housing is so intertwined that it is hard to see and understand all of the ways they function together. Economist's base the entirety of their professional careers on studying such an issue.
Trust me the next bubble is going to be education. I see it coming down the pipeline. For years, the government has been handing out loans hand over fist, and, though a person cannot wipe them out with bankruptcy, it is still an uninsured loan because there is no collateral. There is no re-course for repossessing knowledge. The gov. can do things like garnish taxes, wages, and deny social security benefits until the loans are paid off, but even those measures, upon default, in no way gaurantee financial satisfaction of the agreement. Kids are graduating with a mountain of debt and no good jobs, which in turn means no way to pay on their debt mountain. This will be catastrophic to pell grants because the main source of pell grant funding is not the tax payer, but rather that money comes from interest made from federal student loans.

I live in seattle and they are selling quickly. Not for as much as they were during the peak of the bubble, but they're selling in under a month, so they probably could have asked for more. More than 5 houses within a block of me in both directions have sold in the past couple months. Cheapest starting at $310k.

My best friend sold his condo and had 3 offers, 1 full price cash, 1 more than asking price. And another friend sold a larger condo(in capital hill) in a week at $500k.

It was bound to come back. Hopefully, we learned a lesson, but I do not think we will. We will get complacent again while government sticks its nose into our various private markets, and we'll end up back here again.

Their was some asshole who didn't paint his house and it looked so bad it brought down the home prices of other homes which caused a chain reaction of falling home prices and resulted in the housing collapse.

That guy should be arrested and thrown in the cell next to the guy who made the Mohammed video!

One minor point I disagree with you on is that goverment regulation of industry is very necessary. This is what prevents things like compounding pharmacies sending out steroid shots contaminated with rare fungal infections, and oil drilling companies from flooding the gulf of mexico with oil. A long time ago companies would put chalk in water and use the mixture to dilute milk, DDT was used as a household pesticide, and you really did not want to know how the sausage was made.
What I think we can agree about is the government subsidizing of industries such as mortgage backers, the oil industry, and farms. These are cases where the gaurantee of federal funds has artificially inflated the price on goods/services (homes), made the industries dependent on the subsidies to continue appeasing shareholders despite posting record profits (oil), and in the case of farmers made them totally dependent on the federal goverment in every way and shape possible.

I didn't say no regulation, but I do believe some parts of the private sector are over regulated right now. These regulations need to be evaluated to see if they really protect who they are supposed to, and if this protection is really necessary.

There was a correction after over building. For a few years anyone with a pulse could get a loan(people who shouldn't have qualified). Up until several years ago you had to have good credit, collateral, etc before getting a loan. Now they had 120% loans where you could get money back and have negative equity, nothing invested in the house so you can just walk away without remorse, take a ding on your credit, though even people with bankruptcies were getting loans.

Speculation drove up demand artificially as people bought multiple houses, when the music stopped people got stuck without a seat, many foreclosures which drives down sales prices in areas more than shitty landscaping.

I was a landlord before the housing bubble and saw multiple tenants who couldn't pay the rent on time move out because they got a loan and bought a house.

Same thing happened back in the 80's, my parents made out well buying a house for cheap after the savings and loan crisis and 7 years later made 6 figures when they sold it.

UncleBuck said:

hmmmm, housing is coming back in every city in the nation save one?

we had better pass some tissues to the righties.

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What US city did the housing crisis never touch: Washington, DC, of course. The Democrat would like to smile their bloated smiles and thank the American tax payer for that extortion, er, uh, gift.