Home Prices Fall / foreclosures, unemployment rise even more.

[Danno 1,228]

Here we are into mid summer and not only have things not begun to turn around but they are getting worse...... and just where are all those "shovel ready jobs" he spoke so much about?

I have not seen anything.

While I did not agree with the Bush Rebate checks, at least they arrived as promised and "The people" had something to show for it.

------------------------------

U.S. Home Prices Drop 6.8 Percent in April as Foreclosures Rise

June 23 (Bloomberg) -- U.S. home prices fell 6.8 percent in April from a year earlier as rising unemployment and record foreclosures kept buyers out of the market.

Measured monthly, the average price fell 0.1 percent from March, the Federal Housing Finance Agency in Washington said today. The number was projected to drop 0.4 percent in April, according to the median forecast of 15 economists in a Bloomberg survey.

The housing slump has reduced the median price of an existing home 26 percent from the July 2006 peak, pushing affordability to near record levels. Prospective buyers are now being constrained by rising mortgage rates, the highest unemployment since 1983 and concern the housing rebound will be anemic. .............

http://www.bloomberg.com/apps/news?pid=206...id=aLU_yVWfAiFE

[Ban Hammer 13,659]

the "shovel ready" really means how this manure from the white house gets spread around.

[Danno 1,228]

the "shovel ready" really means how this manure from the white house gets spread around.

Oh, thats what that meant....... I guess it has been a success.

[scandal 951]

Here we are into mid summer and not only have things not begun to turn around but they are getting worse...... and just where are all those "shovel ready jobs" he spoke so much about?

Even before the new Administration took office we were in a deep recession that began in 2007 and was not projected to end before 2010. Unemployment has always been a lagging indicator, with jobs continuing to be shed even well after business activity starts to turn around. It surprises absolutely no-one that the economic statistics remain grim and will continue to be grim for months to come.

The stimulus plan is intended to spend money and make its impact felt over a two year time horizon, not a 4 month horizon (it was enacted in February).

Even so, money is being rolled out to projects across the nation.

http://www.recovery.gov/?q=content/impact

[NickD 203]

Only 6.8%? Waiting for homes to drop at least by 50% so you get something close to what you are paying for.

[alienlovechild 75]

The stimulus plan is intended to spend money and make its impact felt over a two year time horizon, not a 4 month horizon (it was enacted in February).

Even so, money is being rolled out to projects across the nation.

If can't trust Obama's own website on the economy, who can you trust?

If only 5% of the spending as taken place half-way through the year, it shows the government can't even waste money fast enough to stimulate the economy. Obama could have spent billions on ping-pong balls and pointed to some increase in employment in the ping-pong ball industry.

What's missing is the opportunity cost as the government sucks up capital and drives up interest rates and devalues the currency. This might be acceptable temporarily to create jobs but even that's not happening. Worse, the health care plan is doomed as even Congress can't handle another trillion program. Obama has done plenty of damage of his own beyond what Bush did to the economy. He'd better wake up after he gets slammed by the mid-term elections or he's going to be unemployed, too.

[Trumplestiltskin 5,791]

The stock market has stabilised somewhat and the banks are lending money again. Did anyone really think that improvements at the base level would spontaneously manifest in the real economy?

[Mr. Big Dog 10,747]

Again, someone is short on memory. Here's where the previous administration left off: Home Prices Drop 10.6% in 2008. Did anyone really expect home prices to rise before they stabilize? Have you ever seen a train changing direction without slowing down and stopping first? Especially when it's riding downhill?

[Trumplestiltskin 5,791]

I've heard it happens. In Crazyland

[SMOKE 1,426]

i see we're still playing the blame bush game & forgetting that all the dems promised to fix the economy 2 years before bush left.

[Danno 1,228]

The stimulus plan is intended to spend money and make its impact felt over a two year time horizon, not a 4 month horizon (it was enacted in February).

Even so, money is being rolled out to projects across the nation.

If can't trust Obama's own website on the economy, who can you trust?

If only 5% of the spending as taken place half-way through the year, it shows the government can't even waste money fast enough to stimulate the economy. Obama could have spent billions on ping-pong balls and pointed to some increase in employment in the ping-pong ball industry.

What's missing is the opportunity cost as the government sucks up capital and drives up interest rates and devalues the currency. This might be acceptable temporarily to create jobs but even that's not happening. Worse, the health care plan is doomed as even Congress can't handle another trillion program. Obama has done plenty of damage of his own beyond what Bush did to the economy. He'd better wake up after he gets slammed by the mid-term elections or he's going to be unemployed, too.

Thats a FOUR STAR post!

[Mr. Big Dog 10,747]

i see we're still playing the blame bush game & forgetting that all the dems promised to fix the economy 2 years before bush left.

Blame game? I thought it was called context and perspective.

[alienlovechild 75]

Blame game? I thought it was called context and perspective.

What happened to you (GOP) lose and we (Dems) won? Your party controls the WH, Congress, picking SC justices, most of the state governments and major city governments.

The economy is now Obama's baby and it's too late for an abortion.

You know if the economy was humming by now all the Obama supporters would be more numerous than the guys claiming to be the father of Anna Nicole's baby.

[Ban Hammer 13,659]

i see we're still playing the blame bush game & forgetting that all the dems promised to fix the economy 2 years before bush left.

Blame game? I thought it was called context and perspective.

considering the last two years of bush's presidency included a democratic controlled congress, yes, it is about context and perspective.

[alienlovechild 75]

i see we're still playing the blame bush game & forgetting that all the dems promised to fix the economy 2 years before bush left.

Blame game? I thought it was called context and perspective.

considering the last two years of bush's presidency included a democratic controlled congress, yes, it is about context and perspective.

By the pricking of my thumbs, something wicked this way comes.