MikeH

U.S. Home Prices Have Taken a Cliff Dive Without Signs of Recovery

I can't believe that you are ignorant enough to assemble this collection of moderate adjustments and print them in such a shrill context. You would think you were fleeing a tsunami.

In the first place, real estate is a local phenomenon and nationwide metrics that are the mean of widely disparate data points are absolutely meaningless. Your very premise is statistically meaningless -- besides being obviously cherry picked. Housing is down 6% in Detroit. Oh, what shall we do? Three straight years of growth of 20-30%, then a single-digit adjustment. Sub-prime mortgages comprise 1% of the mortgage market. Average sales inventory is 6 months, now it's 8 after three years of boom that just ended a couple months ago. Lets run in circles screaming.