http://caffertyfile.blogs.cnn.com/category/economy/
He is writing about a 33% "COLLAPSE!!!" After a run up of 126% in three years before.
Home prices normally appreciate 2-3%
In 3 years prior to this "collapse" we had 63 years worth of appreciation and he is crying collapse that it fell a little.
Completely wrong.
Funny thing is... now... homes should be more affordable to anyone who does have a job.
Before - prices were higher. That was not cause for celebration.
Husbands + Wives had to work 50 hours a week... then wrack up debt on multiple credit cards in the context of higher home prices.
Why the negative connotation on prices falling back to what the market can bear... what people can pay.
Look at the chart here with Price to Household income ratio.
http://riskandreturn.net/index.php/2008/11/26/housing-bubble-charts/
If you want an entire analysis of "The coming collapse of the middle class," before it happened... watch this video.
This is Elizabeth Warren. Obama tried to appoint her as the head of the new consumer protection agency. Republicans blocked her. She may soon be a Senator instead. (Watch out... She is crazy smart... and She used to teach little kids so she can spot a liar from a million miles away.)
http://youtu.be/akVL7QY0S8A
Benjamin Corey Feinblum
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