Monthly home prices index is down 15.8% over last year. Since peak down 19.8%. CEO of Chase predicts 15-25% further slip. Wells CEO predicts 10% decline IF the economy rebounds. David Wilkerson stated in his book
Americas last call that home prices could drop 70-80%. We are only 1/3 of the way to that point. Imagine another 50% drop on your home price.
It is your money in your home that is evaporating every day. You won't feel it, until you try to refinance or sell.
Since the great depression there has never been a nationwide fall in home prices. Freddie Mac has tracked the median price for the last approximate 50 years and last year was the first decline.
The economy will not stabilize until the housing market stabilizes. The ratio of homes on the market to homes being put under contract is dismal. A sign of more decline in -HPA.
We can all pray for the mercy of God on our country; for repentance, revival and peace. God has allowed us to be smitten by our enemies and almost 8 years of war. Pray that God will intervene in our election and give us the best candidate for the working of his will.
If not, and this economy slides further into recession (two consecutive Qs of negative GDP, last Q was almost flat growth) --and if housing continues to tank; then many people, even here on the AFF, will be focused on jobs, lost homes etc. Or our families will be hurting from lost jobs and inflation running dbl digits again. We will not have time to debate: hair, baptism, standards, branhamism, and the like.
http://money.cnn.com/2008/07/28/real..._dip/index.htm
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