I just read that the current housing market crisis in now officially considered the worst housing crisis in more than 7 decades....that is in more than 70 years and almost 3/4 of a century. That is according to the Federal Housing Finance Agency. Did I tell you this housing crisis would get really, really bad or what?
The article said that foreclosures are extremely high adding to the supply of homes and depressing prices, you know, just like I told you would happen. The number of homes in foreclosure for January rose to 2.2 million which is a new record. No surprise there because I warned you about this almost a year ago.
They also said that sales of previously owned homes fell by 9.6% in February with sales dropping in all regions. Let's see, increase supply while decreasing demand and the price will go right through the toilet....just like I told you it would.
What I expect next is that, with the continuing number of people losing their jobs being far greater than those finding jobs, in spite of the fact the experts are saying unemployment is miraculously declining (say what?), and the housing market falling at a meteoric rate, this isn't going to stop any time soon. Very easy prediction!!! It is going to get a lot worse before it gets better while the experts will continue to put up the smoke and mirrors that, the economy is recovering. BTW, a recent poll shows that 68% of the American people are not buying the smoke and mirrors about the economy recovering and think we are still in a recession. This means the experts are only fooling 32% of the people....and themselves. The real truth is that we are in a full blown depression and it will soon surpass the Great Depression of the 1930's in severity.
I am sure I told you there would be an economic black hole form....well...it is now in the process of forming so kiss your economic butt goodbye.
It absolutely amazes me at the audacity of the lying upper class trash with how blatant of lies they will tell. from 100 to over 300 thousand more people are losing their jobs than are finding jobs per month and the liberal commie's keep telling us unemployment is miraculously declining (did they flunk math or what?), the housing market is imploding because of liberal socialist manipulation so "everyone can have a home", fuel prices are going through the roof and will soon reach record levels because of the liberal lies about saving the planet, food prices are also going through the roof because of the bio-fuel nonsense, and they expect us to believe the economy is recovering because of their smoke and mirrors? Just how stupid do these intellectually superior upper class trash jerks think we are? Do you hear the sucking sound of the economic black hole forming yet? What economy?
Well, at least Ocommie is keeping his promise of turning the US into a Welfare state. Don't you wish more people would have listened to that promise and thought about what it meant? Just remember that, according to the government, White House, and experts, the recession officially ended June 2009 so that this mess is officially all Ocommie's achievement, after all, they said so. :-) We must give credit where credit is due.