On the economy…
The US Treasury Dept is preparing a new five dollar bill. (click the thumbnail to see the full size)
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duran
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duran
I’m trying to avoid becoming paralyzed with anticipation with the primaries tonight, so I’ll talk about the housing market…
Anecdotally I’ve heard from friends and people I know that here in Philly, that housing prices are dropping, quickly.
One story I heard recently from a trusted voice told me about a 12% drop in assessment value on a property thats trying to be sold. And thats a drop in estimated value thats happened in the last 3 months!!!And then I read about people in florida, who own multimillion dollar homes, who have simply STOPPED paying their mortgages!!! *sputter*. Apparently with the break in the market, and the massive drop in price, people can’t sell their homes, since they’re ‘underwater’ so to speak (when the house is worth less in market value then the amount of debt you’re in to own in, so even if you sold it tomorrow, you’d still have a mortgage payment on the house). And the banks cant do anything about it because of how buried they are in foreclosures and other credit collapse related issues.
Read on!
Partially Insane 7:21 am on March 5, 2008 Permalink
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