Any 5th grader can tell you: Unemployment, Lowered Wages, Increasing Prices, Failure to adjust principles and modify loans are KILLING this economy. Greedy banks that have already been paid for the homes 3x over should be held accountable. Doesn't seem like Congress cares much to make the banks pay for their fraud. America will continue to suffer, but that's okay - save the big banks (from what? who knows?)
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No Rebound in 2011 as the Housing Market Continues to Rot - Money Morning: "Meanwhile, the one government incentive that effectively cheered up the dour housing market - the federal homebuyers' tax credit - has fully expired. This program, which provided up to $8,000 in credits to first-time homebuyers and $6,500 for repeat purchasers, pushed many people to accelerate their buying decisions. However, the tax credit expired at the end of June and the market has cooled considerably as a result.
Absent the credit, the NAR says existing home sales for 2010 will total just 4.8 million, a 7% drop from 2009's 5.16 million. Pending home sales also fell in September and October, virtually guaranteeing a slow start in 2011.
For the year as a whole, the NAR sees existing-home sales climbing back to 5.1 million - but only if new jobs continue to be created. (Note: Several states, including California, also had smaller homebuyer incentives that have now expired.)
Still, sales and home prices will continue to languish next year, as foreclosures and housing inventory remain considerably high.
Foreclosures, Inventory, and Prices
Zillow said in its third-quarter report that 23% of U.S. residential mortgage holders are now 'under water' on their loans - the highest level this year - and many will likely be forced into foreclosure in the year ahead."