Also there are expected to be a million new forclosures this year. You haven't heard much about forclosures the last couple years, because the big lenders stopped them while they were being sued for forclosing illegally. Now that they've settled there's a lot of catching up to do. That will drop housing prices even more.
But Barry’s people will continue to conflate the ongoing collapse in housing prices with the crushing inflation in food and energy prices, and the media will let him get away with it.