Housing Crisis Getting Uglier in 2010, CBS

[Bindare_Dundat]

Nearly 6 Million Foreclosures in Past 3 years - 3 Million More Expected in 2010

CBS)  In its "Where America Stands" series, CBS News is looking at a broad spectrum of issues facing this country in the new decade.

CBS News correspondent Ben Tracy report the American Dream is now a nightmare for many of the 75 million Americans who own a home.

The housing report card is ugly. In the past two years, the housing market has lost an estimated $4.9 trillion dollars, as 59 million homes have declined in value.

Nearly 1 in 4 homeowners -- 10.7 million households nationwide -- are underwater on their mortgages. They owe more than their home is now worth.

The housing market is so bad in California, that a bank demolished 16 nearly completed homes - because it was cheaper to knock them down, than to finish them.

Home building across the country is almost non-existent. In 2005, 2 million housing units were built in this country. Last year, that number dropped to nearly a quarter of that.


cnt: http://www.cbsnews.com/stories/2010/02/02/eveningnews/main6167610.shtml

[Soul Crusher]

Nearly 6 Million Foreclosures in Past 3 years - 3 Million More Expected in 2010

CBS)  In its "Where America Stands" series, CBS News is looking at a broad spectrum of issues facing this country in the new decade.

CBS News correspondent Ben Tracy report the American Dream is now a nightmare for many of the 75 million Americans who own a home.

The housing report card is ugly. In the past two years, the housing market has lost an estimated $4.9 trillion dollars, as 59 million homes have declined in value.

Nearly 1 in 4 homeowners -- 10.7 million households nationwide -- are underwater on their mortgages. They owe more than their home is now worth.

The housing market is so bad in California, that a bank demolished 16 nearly completed homes - because it was cheaper to knock them down, than to finish them.

Home building across the country is almost non-existent. In 2005, 2 million housing units were built in this country. Last year, that number dropped to nearly a quarter of that.


cnt: http://www.cbsnews.com/stories/2010/02/02/eveningnews/main6167610.shtml

Bindare - see my thread anout high UE forever, get used to it. 

There are some scary facts in there that relate to this.  Its very depressing and I wish I were a kool-aiding, knee-padding, hope-and-changing, dolt believing in rainbows, butterflies, and miracles, but I know better.

[MB_722]

hey bindare listen to those michael hudson interviews I posted.

[Bindare_Dundat]

hey bindare listen to those michael hudson interviews I posted.

Will do once things slow down here, I'm moving tomorrow. How's things with you?

[MB_722]

Will do once things slow down here, I'm moving tomorrow. How's things with you?

things are crazier than ever but I'm having fun.   .

The night before is always a pain in the ass in getting things organized. Have a good move!