Even though it’s been a week or two since there was big news from any of the major mortgage companies, I think the whole housing market “bubble” hasn’t finished popping yet.
The decline in U.S. home prices accelerated nationwide in July, posting the steepest drop in 16 years, according to the S&P/Case-Shiller home price index released Tuesday.
Home prices have fallen by more every month since the beginning of the year.
An index of 10 U.S. cities fell 4.5 percent in July from a year ago. That was the biggest drop since July 1991.
“The further deceleration in prices is still apparent across the majority of regions,” MacroMarkets LLC Chief Economist Robert Shiller said in a statement.
A broader index of 20 cities fell 3.9 percent in July over last year, with 15 of 20 cities reporting that prices fell.
This is horrible news for those trying to sell their homes and get out of the scam mortgages they were talked into in the first place.
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