Home values posted the largest decline in the first quarter since late 2008, prompting many economists to push back their estimates of when the housing market will hit a bottom.
Home values fell 3% in the first quarter from the previous quarter and 1.1% in March from the previous month, pushed down by an abundance of foreclosed homes on the market, according to data to be released Monday by real-estate website Zillow.com. Prices have now fallen for 57 consecutive months, according to Zillow.
I’d really like to read this WSJ piece. When I click on the READ IT ALL LINK, however, I get a message from the WSJ web site that says:
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Any thoughts, elves?
most of it is behind the pay wall but anyways:
http://online.wsj.com/article/SB10001424052748704810504576309532810406782.html?mod=WSJ_hp_LEFTTopStories
If you’ve been reading closely, there are problems with the RE market that go way beyond toxic mortgages and underwater homes – it’s unemployment, the terrible long term effects of quantitative easing, punitive and regressive taxation, etc., etc.
US Taxes as a percentage of income are at historically low levels. In fact, while the 2010 numbers are not in, for 2009 total income taxes (federal, state and local) as a percentage of income were the lowest they have been since 1950. At what level do you contend taxes would not be punitive, or is your point simply that all taxes are punitive?
US income taxes as a percentage of income are at historically low levels. In fact, while 2010 information is not in; for 2009 total income taxes (federal, state and local) as a percentage of income were the lowest they have been since 1950. At what level do you contend taxes would not be punitive.