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Home prices fell 4.5 percent in the three months
through September, according to a report today by S&P/Case-Shiller, the most
in at least two decades. (Source: Bloomberg)
Housing crash video : Robert Shiller Doesn't
See Evidence of U.S. Housing `Bottom'
Home Prices Tumble. On a way to recession ? House prices are going down now
in all 20 US cities covered in Shiller latest survey.
By Bill
Bonner in Waterford, Ireland. November 29, 2007
“The U.S. market has so many issues: subprime,
mortgages and foreclosures.
Those are probably the biggest variables and we are anticipating it's going to
be more difficult.”
This is pretty much what Yale professor and co-creator of the S&P/Case-Shiller
house price index, Robert Shiller told Bloomberg in a TV interview last night.
House prices are going down now in all 20 US cities covered in his latest
survey.
And he doesn’t see a bottom yet, as the US comes out the other side of the
biggest speculative housing boom in history. It’s not a short term problem, he
emphasises. This is going to take time to work through and the longer it
continues the more people will be affected. It may even push the US into
recession.
And the probability of that happening has gone up according to the latest
thinking from Goldman Sachs. They put it at 40-45%.
That kind of scenario points to plenty more downside pressure for the dollar
and plenty more upside potential for commodities, in particular oil.
read also :
Housing Plan no Panacea for What Ails the U.S.
Housing Sector
“There’s so much inventory out there that the buyer can pick and choose,” said Susan Sirles Fidler, a Realtor at Re/Max 10, Oak Lawn. But she cautioned, “The stuff that’s almost free is almost free because it’s going to cost you an arm and a leg to put it back together. It’s not buyer beware as much as buyer be smart.”
