Housing Bubble Still Bursting

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Federal home-buyer tax credits expired last spring, and a few months later home prices started to sag again. As of November of last year, they’re still sagging:

The 20-city index is now about 3 percent above April 2009 levels, “suggesting that a double dip could be confirmed before spring,” David Blitzer, the index committee’s chairman

….From October to November, prices fell in 19 of the 20 metro areas tracked by the Standard & Poor’s/Case-Shiller index, widely considered a gauge of the housing market’s health. The only exception was San Diego, where prices were basically unchanged.

My own guess is that house prices still have a ways to fall, but not a long ways. Still, even another 10% over the next year or so would continue to put a big drag on the economy. Prosperity may be somewhere around the block, but it’s not quite around the corner yet.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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