RICHARD MOORE

Author, journalist, conservative, libertarian(ish)

Daily Constitutional

More bad economic news this morning

Posted by richardmoore on March 27, 2012 at 12:05 PM

But mainstream press says, "What? Me worry?"

 

 

A new S&P/Case-Shiller report this morning shows that home prices dropped for the fifth consecutive month in January, sinking to their lowest point since 2002. The average home sold in January lost .8 percent of its value, compared with a month earlier, and prices were down 3.8 percent from a year ago. Home prices have fallen 34.4 percent from their July 2006 peak.

 

And that's not all the bad news. There are still millions of delinquent homes on the market, CNN reports, and the recent government settlement with banks will actually enable them to speed up the processing of those delinquencies, so expect a tidal wave of foreclosures in the months ahead.

 

Of course, while they report this as just the latest car to ramble off the rails in the nation's economic train wreck, the mainstream press is cheery nonetheless, always adding this addendum – despite this latest bad news, the economy is improving.

 

Of course it is. It has to be. People have to believe that. Because that's the way they re-elect Obama.

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