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U.S. consumer sentiment took its sharpest plunge in nearly two years in August, and home prices declined at their fastest pace in two decades in the second quarter, according to reports that show the housing slump starting to weigh on the economy. Link
In a piece about neighborhood neglect brought on by foreclosures, there is this....
More than 100 houses a day are being foreclosed on in Southern California, up from 13 a day last year. That's still a relative handful for such a populous area, but even the optimists predict that the problem will soon get much worse. Link
And then stir this in....
Homeowners trying to sell last month faced the biggest glut of homes on the market in about 16 years, as declining sales and growing problems in the mortgage market helped push home prices down for the 12th straight month. Link
Sprinkle over this map.....
And what we get after baking from 9:30AM til 4:00PM today is a 278 point decline on the DOW and still dropping in after hours trading.
In the last number of years all I've heard from those very wise and serious economists and experts was how the refinancing boom was promoting consumer spending. And all that glorious consumer spending was driving our even more glorious economy and everything was oh-so-very-glorious.
Now it appears that all that glorious sh*t has hit the glorious fan and there will be serious repercussions for millions, if not all, Americans over the next couple years. The Reverend doesn't believe all these repercussions will be glorious in the slightest.
I mention this because there was steady selling today. I think we're through the frantic swings and are headed down in a slow methodical way. Could be wrong. Been wrong before.