Thursday, April 28, 2011

The Housing Market's Silver Lining

By Steve Christ | Wednesday, April 27th, 2011
The great thing about having lunch in a neighborhood bar in Baltimore is that you never know who you'll run into pounding beers at 12:30 on a Tuesday.
Hiding behind the poker machine in the dark corner on yesterday's stop, I found my old pal Charlie.
Munching on the last bite of coddie cake with crackers, he looked like he had had a few...
“What's wrong pal?” I asked him with a chuckle. “Has the Case-Shiller Index got you down in the dumps again?”
It was at that moment I realized I had gone too far. The look he shot me was one I had seen before.
You see, long before Chuck ever became a realtor, the guy was one of the toughest dudes ever to tote the rock.
And after smashing his head against his locker for a while in the pregame, his eyes took on a certain glaze that let you know he was about to get busy...
Those cold, dead eyes were staring back at me, and I suddenly wished I'd just gone to the salad bar at the grocery store. But that's when I decided to sit a few stools down and quickly change the subject. As it turns out, a little talk about the kids made for much better conversation.
Six years into our long-running housing debate, I think it's probably a good time to let it all quietly end.
The Housing Market is Still Broken
Meanwhile, the object of our little banter quietly continues to drop, no matter how many beers Charlie drinks.
After trillions of dollars down the rat hole, Humpty Dumpty can't be put back together again.
According to the Case-Shiller Index, property values in 20 cities fell 3.3 percent from February 2010, the biggest year-over-year decrease since November 2009.
“There is very little, if any, good news about housing. Prices continue to weaken, trends in sales and construction are disappointing,” says David M. Blitzer, chairman of the Index.
What's more, Robert Shiller himself said yesterday he is “pessimistic”, and believes that home prices could go down “much more” than the predicted “five or ten percent decline”...
If true, that would practically ensure a housing double dip.3 Lies About Retirement… Most People Believe!
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