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Monday, May 30, 2011

Case-Shiller Housing Index To Hit New Low

Housing is in for a new, serious shock.

The Case-Shiller report coming out Tuesday morning is expected to show the housing index at a new recession low, lower than the previous low and indicating that housing has retraced any prior gains (which one suspects will now prove to be as illusory as they were temporary).

In addition to a new proposal circulating in Congress mandating 20% minimum down payments on new purchases that threatens to plunge the housing market back to the Stone Age, the housing market is under dark clouds from a glut of unsold homes, a large pipeline of foreclosures, a larger specter of potential foreclosures which banks have yet to act upon, possible appraisal fraud and mortgage fraud investigations which may make banks even more risk-averse and less willing to grant mortgages on any terms, tightening credit, worsening bank balance sheets and the very real likelihood of sharply increasing interest rates causing mortgage holders with adjustable rate loans to sustain higher monthly payments.

Eric Dixon is a New York lawyer, independent energy consultant and strategic analyst for businesses and political candidates.  Mr. Dixon is available for comment at edixon@NYBusinessCounsel.com.

 

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