News of the day 8-12-09
Home Price Declines Accelerate in Second Quarter
“I don’t think we’re at a bottom yet in home prices,” said Scott Anderson, a senior economist at Wells Fargo & Co. in Minneapolis. “There’s also a pretty big shadow supply of houses. People are kind of waiting for the bottom but there’s a pent-up supply out there.”
If this isn’t a bear market rally… I don’t know what is. The similarities with the bear market of 1930 are uncanny… after which the Dow dropped more than 80%….
Yes, and home foreclosures jumped 7% June to July. Sure, the worst is over. Yeah, right.
Note: I am seeking more and more articles suggesting and questioning the markets. Is the Rally over? It all started after Bob Prechter’s call out of warning on monday. Just one example.