{"id":188616,"date":"2010-08-24T18:32:00","date_gmt":"2010-08-24T23:32:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/08\/24\/holy-crap-8\/"},"modified":"2010-08-24T18:32:00","modified_gmt":"2010-08-24T23:32:00","slug":"holy-crap-8","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/08\/24\/holy-crap-8\/","title":{"rendered":"Holy Crap"},"content":{"rendered":"<div style=\"border: 1px solid black; margin: 0px 10px; padding: 5px; width: 400px; float: right; text-align: center;\">Click for full size<\/p>\n<hr \/>\n<p><a href=\"http:\/\/a.imageshack.us\/img299\/57\/ehsnsajuly20107576545.jpg\"><img decoding=\"async\" src=\"http:\/\/a.imageshack.us\/img299\/57\/ehsnsajuly20107576545.jpg\" bordercolor=\"white\" border=\"0\" width=\"390\" \/><\/a> <span style=\"font-style: italic;\">Scary picture h\/t <a href=\"http:\/\/calculatedriskblog.com\/\">Calculated Risk<\/a><\/span><\/div>\n<p>They, whoever &#8220;they&#8221; are, were predicting that existing home sales would be fall post tax credit to an annual rate of something north of 4\u00bd million.<\/p>\n<p>Well, they were wrong.  Existing home sales <a href=\"http:\/\/www.bloomberg.com\/news\/2010-08-24\/sales-of-u-s-existing-homes-drop-more-than-estimated-to-3-83-million-rate.html\">fell to 3.83 million<\/a>, a 15 year low, and the 27.2% drop was the biggest since they, whoever &#8220;they&#8221; are, started collecting data.<\/p>\n<p>What&#8217;s more, <a href=\"http:\/\/www.roubini.com\/us-monitor\/259509\/existing_home_sales_plummet_27_2_\">housing inventory has risen from 8.9 months to 12.5 months since May<\/a>.<\/p>\n<p>The thing is, this was foreseeable.  <span style=\"font-weight: bold;\">Everything<\/span> that has been done in terms of real estate has been about extend and pretend.<\/p>\n<p>Whether it&#8217;s the <a href=\"http:\/\/40yrs.blogspot.com\/2010\/08\/no-they-are-cruel-people.html\">fraud perpetrated on desperate people through HAMP<\/a>, or the ruinously wasteful home buyer tax credits, this has all been about propping up housing prices in the short term in the hope that the banks can nickel and dime small consumers to generate enough profits to dig themselves out of their hole.<\/p>\n<p>They keep pushing the sh%$ up hill, expecting to reach the crest of the hill, and it ain&#8217;t happening, and now this pile is collapsing back down on us.<\/p>\n<p>Recovery my ass.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Click for full size Scary picture h\/t Calculated Risk They, whoever &#8220;they&#8221; are, were predicting that existing home sales would be fall post tax credit to an annual rate of something north of 4\u00bd million. Well, they were wrong. Existing home sales fell to 3.83 million, a 15 year low, and the 27.2% drop was &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,1088,1089],"tags":[],"class_list":["post-188616","post","type-post","status-publish","format-standard","hentry","category-economy","category-real-estate","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188616"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=188616"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188616\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=188616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=188616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=188616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}