Housing Market, Article by Michael Snyder

15 Signs The U.S. Housing Market Is Headed For Complete And Total Collapse
Michael Snyder, The Economic Collapse | Aug. 20, 2010

Read more: http://www.businessinsider.com/15-signs-that-the-us-housing-market-is-headed-for-complete-and-total-collapse-2010-8#ixzz0xehK5xBj

The U.S. housing market is dying. You will only hear hints of this on the mainstream news and from the politicians in Washington D.C., but as statistic after statistic continues to roll in, the reality of what is happening is becoming very difficult to deny.

Up until the end of April, the giant tax credit that the U.S. government was bribing home buyers with helped stabilize the real estate market, but now that the tax credit has expired the decline of the U.S. housing market has resumed. Mortgage defaults continue to set new records. Foreclosures continue to set new records. Home repossessions by banks continue to set new records. The number of homes being constructed and the number of Americans applying for home loans is at stunningly low levels.

The truth is that this is not a short-term downturn in the housing market. During the past two decades, an insane amount of debt fueled an artificial housing bubble that drove home prices to ridiculous levels. Now the U.S. housing market is trying to correct itself, and no matter how many trillions of dollars the U.S. government throws at the problem the fundamentals of the marketplace are still going to have their way eventually.

The U.S. economy is in decline. The employment situation is going to go from bad to worse. Americans without jobs are Americans that cannot buy homes. Millions of Americans who are employed are finding it increasingly difficult to make it from month to month. The truth is that there is no way that Americans can afford the ridiculously inflated home prices that we have seen over the past decade any longer.
So, yes, the U.S. housing market is headed for a complete and total nightmare.

* Home Sales Drop 27 Percent In July And Things Are Only Going To Get Worse For The U.S. Housing Industry
* Bancor: The Name Of The Global Currency That A Shocking IMF Report Is Proposing
* This Economy Is Ripping The Dignity Of Millions Of Unemployed Americans To Shreds

So exactly how bad are things out there right now?

The following are 15 signs that the U.S. housing market is headed for a complete and total nightmare....

Read more: http://www.businessinsider.com/15-signs-that-the-us-housing-market-is-headed-for-complete-and-total-collapse-2010-8#ixzz0xecOnNks