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Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles Americans Getting Squeezed: Home Prices Plunge 14.1%E-mail - editor@economyincisis.org |
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Home values, the biggest asset for Americans, fell a shocking 14.1% in the first quarter of this year. The cards are stacked against Americans in today's economy. Costs of living like food and gas are skyrocketing, middle class wages are stagnating and the dollar's worth is deflating. At the heart of all of this are faulty trade policies like NAFTA that are ruining entire industries and quickly dismantling good-paying, good-benefit jobs for millions of Americans. Our current economic path and plight is unsustainable. Source CNN Money: U.S. home prices dropped at the sharpest rate in two decades during the first quarter, a closely watched index showed Tuesday. It's a somber indication that the housing slump continues to deepen. "There are very few silver linings that one can see in the data. Most of the nation appears to remain on a downward path," said David Blitzer, chairman of S&P's index committee. Nineteen of the 20 metro areas surveyed reported annual declines, with 15 of them posting record lows. Six metro areas lost more than 20%. Front Page Photo by Think Panama- Flickr © Some rights reserved Click here to contact your Representative in Congress. Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles
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guest says "These are essential adjustments" on 05/28/08
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The true causes of current US economic problems are massive national and personal debts racked up over 15 years to buy massive imports and finance wars, massively over-printing of dollars to finance a massively over-consumption society. These are purely the result of a made-in-US policy. The China trade accounts for 90% of job loss and job value downsizing, while NAFTA with Mexico is responsible for the other 10%. (NAFTA with Canada is positive, benefiting both counties economically and job value equally.) The housing crisis has nothing to do with trade, but everything to do with unfettered speculations financed by Wall Street mafia. The current adjustments are necessary to bring reality and sustainability back into the real economy. Due to the massive imbalance, a very profound level and period of adjustment is necessary. It has only begun and would, coupled with oil shock, likely last a decade. Get ready for some serious downsizing in the standard of living.
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