Tuesday, January 25, 2011
Now some reality..
Price Drop Points to Likely Double Dip in Housing Market (Reuters) -- "U.S. single-family home prices fell for a fifth straight month in November and could plumb new lows soon, a closely watched survey showed on Tuesday... Prices have fallen 1.6 percent in the past year, sharper than the 1.4 percent predicted by economists polled by Reuters.
"Everything in this report is unfortunately still sagging and still pointing downward," David Blitzer, S&P 500 Index Committee chairman, said in a CNBC interview just after the report was released. "The recent news across the board on housing except for existing home sales has been very, very disappointing. We still seem to be at best scraping along the bottom." "
~ Remember, everyday Americans' nest eggs are in their homes
Jobless Rise In 20 States as Workers Still Laid Off (AP) -- "The Labor Department says the unemployment rate rose in 20 states and fell in 15. It was unchanged in another 15 states. That's nearly the same as in November, when the rate rose in 21 states, fell in 15 and was the same in 14. The report is evidence that the job market is barely improving even as the economy grows. "
~ So, in 70% of US States, job losses either increased or stayed the same with no sincere improvement over the past two months.
And Wall St's response-- stocks fell today as of this posting (2:15p) BUT... it was based on disappointing blue-chip earnings, not the housing or unemployment situation.
The State of the Union will be on at 9p. The American people want a speech with Meat, i.e. real answers.. real solutions- a speech with real substance.
If you choose to watch, I hope you enjoy the 'cotton candy'.