The Housing Crisis moves inexorably on, like a glacier — slow-moving but unstoppable. Despite government wasting trillions of dollars in an attempt to prop up housing, economic laws prevail. Keynesian economics, even to excess, has done nothing to stop the decline.
Housing prices dropped another 8% last year and are currently falling around 1% per month. The decline in the first quarter of 2011 was the fastest since the drop-offs experienced in 2008.
To understand the magnitude of the problem, view these 20 factoids courtesy of The Economic Collapse:
#1 According to Zillow, 28.4 percent of all single-family homes with a mortgage in the United States are now underwater.
#2 Zillow has also announced that the average price of a home in the U.S. is about 8 percent lower than it was a year ago and that it continues to fall about 1 percent a month.
#3 U.S. home prices have now fallen a whopping 33% from where they were at during the peak of the housing bubble.
#4 During the first quarter of 2011, home values declined at the fastest ratesince late 2008.
#5 According to Zillow, more than 55 percent of all single-family homes with a mortgage in Atlanta have negative equity and more than