WARPED, DISTORTED, MANIPULATED, FLIPPED HOUSING MARKET
Feb 3, 2014 | Washington's Blog | JimQ
The report from RealtyTrac
last week proves beyond the shadow of a doubt the supposed housing
market recovery is a complete and utter fraud. The corporate mainstream
media did their usual spin job on the report by focusing on the fact
foreclosure starts in 2013 were the lowest since 2007. Focusing on this
meaningless fact (because the Too Big To Trust Wall Street Criminal
Banks have delayed foreclosure starts as part of their conspiracy to
keep prices rising) is supposed to convince the willfully ignorant
masses the housing market is back to normal. It’s always the best time
to buy!!!
The
talking heads reading their teleprompter propaganda machines failed to
mention that distressed sales (short sales & foreclosure sales) rose
to a three year high of 16.2% of all U.S. residential sales, up from
14.5% in 2012. The economy has been supposedly advancing for over four
years and sales of distressed homes are at 16.2% and rising. The bubble
headed bimbos on CNBC don’t find it worthwhile to mention that prior to
2007 the normal percentage of distressed home sales was less than 3%.
Yeah, we’re back to normal alright. We are five years into a supposed
economic recovery and distressed home sales account for 1 out of 6 all
home sales and is still 500% higher than normal.
The
distressed sales aren’t even close to the biggest distortion of this
housing market. The RealtyTrac report reveals that all-cash purchases
accounted for 42% of all U.S. residential sales in December, up from 38%
in November, and up from 18% in December 2012. Does that sound like a
trend of normalization? There were five states where all-cash
transactions accounted for more than 50% of sales in December – Florida
(62.5%), Wisconsin (59.8%), Alabama (55.7%), South Carolina (51.3%), and
Georgia (51.3%). In the pre-crisis days before 2008, all-cash sales
NEVER accounted for more than 10% of all home sales. NEVER. This is all
being driven by hot Wall Street money, aided and abetted by Bernanke,
Yellen and the rest of the Fed fiat heroine dealers.
Read more..
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