Bonddad looks at the long(er) term:
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.