[sickoflibs]

The Peter Schiff/Redistribution Watch Ping. (Washington Bankrupting our Nation by Spending your past, present and future money!)

Your Schiff fix. You all see our Saviour give his plans?

[FBD]

yes, he advocated more debt, and lots of it.

[Brad from Tennessee]

Sales of Existing Homes in US Probably Increased in January

Feb. 25 (Bloomberg) — Sales of U.S. previously owned homes probably rose in January as record foreclosures brought bargain hunters into the market, economists said before a private group’s report today. . .Purchases increased 1.1 percent to a 4.79 million annual rate, according to the median of 70 forecasts in a Bloomberg News survey. The rate reached a record-low 4.45 million in November.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a5avKyMc.HU8&refer=home

Bay Area home prices fall, sales rise

Bay Area year-over-year home sales rose for the fifth month in a row during the month of January while the median price fell to $300,000, almost half of where prices stood a year ago. . .sales were once again spurred by foreclosures, which accounted for 54 percent of resale transactions. Most foreclosure sales, which involve homes that had been foreclosed upon during the last year, are taking place in parts of Contra Costa County and other inland areas.
http://www.mercurynews.com/breakingnews/ci_11740446

[Sgt_Schultze]

Sorry, but housing prices are exactly where they need to be. Think for a minute, who profits most from high property costs?

Local and state governments do. They derive a significant portion of their revenue from the property tax. Their bonding authority is tied to a reliable revenue stream from property taxes year in, and year out. If housing prices have to come back to reality, then property tax revenues evaporate. Local school funding dries up, and government has to raise taxes elsewhere.