From Pine View Farm

Bushonomics 1

Bonddad looks at the long(er) term:

This (S&P/Case-Shiller home-price-ed.) index has been dropping for a year and a half. That’s called a trend. And it’s not a good trend.

In addition, this isn’t going to end anytime soon. Inventory is still sky high and consumer demand is still hampered by massive debt and low confidence.

(snip a discussion of consumer confidence)

Short version: this is bad news all the way around. Period.

Link to the S&P/Case-Shiller home-price index here.

Ray, who’s off working on his post on how hedge funds work, thinks the Republicans are trying to stave off the crash the fruits of their economic failures until January 21, 2009, so they can then pretend that their policies of the last umpty-ump years had nothing–nothing!–to do with the results thereof.


1 comment

  1. Opie

    June 24, 2008 at 1:04 pm

    There’s a typo in Bonndad’s post. What he meant to say was: "Unrealistically high housing prices are finally falling, making it hard for liberals to complain about a lack of affordable housing. Short version: this is bad news all around."