Home lost nearly a half trillion in value in 2009
OPS_admin | Dec 09, 2009 | Comments 0
Residential real estate owners suffered through another down year, but losses were much lower than in 2008.
American homeowners will have lost nearly $500 billion in home value by year’s end.
Still, that’s a big improvement over 2008, when values fell by $3.6 trillion, according to a report released Wednesday by real estate Web site Zillow, which provides online appraisals for tens of millions of properties nationwide.
“Home values stabilized significantly during the second half of 2009, with the total dollar value of U.S. homes increasing since June,” said Zillow’s chief economist, Stan Humphries, in a prepared statement. “Most housing markets across the country had a good summer, spurred largely by the government’s tax credits for homebuyers combined with very low mortgage rates.”
Full Story Home lost nearly a half trillion in value in 2009 – Dec. 9, 2009.
Filed Under: Economy - Labor
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If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
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