As I don’t own a home and prices coming down helps me afford one, I can’t believe I’m going to say the follow – House prices need to go up!
The S&P/Case-Shiller 20-city index (mostly regarded as the most accurate gauge of the housing market) fell 18.2% from a year earlier. This is the most since it began in 2001, and means that everyone’s perceived net worth is sinking faster than you can say “Oh no”.
In order for the whole economy to turn up, housing prices have to improve. If it keeps dropping like a rock, banks will be hesitate to lend and businesses will suffer. This will in turn just cause further layoffs, something none of us want.
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