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Tuesday, January 26, 2010

No Bottom in Home Prices?

Zero Hedge:
Bottom In Home Prices, a Decade Away -- Few people realize that home prices in the United States have only risen in a sustained manner twice in the last 116 years. Edward Kim, hedge fund manager of 2GTT, LLC, brought this fact to my attention and I know very few other people who are aware of this reality. This data can be found below in the American House Price Index created by Robert Shiller. Other than the two aforementioned periods, all others have either seen declining home values or periods of stagnant or volatile prices with a net zero change. In 116 years, only twice have home values appreciated in any rolling 8-year period, adjusted for inflation. The chart below shows data to 2006, the index now stands at about 146 for Oct. 2009...

Robert Shiller's American House Price Index

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Zero Hedge:
Observations On The Ongoing $1.5 Trillion GSE Wealth Transfer -- John Hussman shares an interesting perspective on yet another from of intergenerational wealth transfer (aka theft), this time involving the US (and by implication its taxpayers), its increasingly unmanageable debt load, and the resultant preservation of wealth of lenders to the nationalized GSE complex, which is massively underwater but will never be forced to be impaired on its holdings, for as long as the current Fed leadership is in place, and the chimera of "change" continues being just that. The kicker - Congress has no way whatsoever to prevent this theft from happening. Once again, America's entire legislative apparatus has been bypassed in order to bail out the reckless lenders who inflated this whole credit bubble in the first place...

zero hedge

Calculated Risk

Mish's Global Economic Trend Analysis

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia