Economists Lie To Themselves, Makes Them Feel All Warm And Fuzzy During Modern Depression

Some other Detroit houses for you to consider buying

Freddie Mac can barely afford this lot, they have been collecting bottles to pay the lease on the land I think, no wait, they received a federal bail out, I forgot.


Fannie Mae had to get another less expensive lawn service since business is so bad, they look like they are in a pretty bad way, this place is way run down.


Bear Stearns is going to have to sell off a couple of floors no doubt...times are tough for them. Well not really, instead of them having to sell and move like the little people, you and I are going to pay for their inability to do their job right instead. It's just easier that way.

Home prices fell at record pace in May: S&P

Source

NEW YORK (Reuters) - Prices of U.S. single-family homes plunged at a record pace in May from a year earlier, with each of the 20 regions monitored showing annual declines for a second month, according to the Standard & Poor's/Case Shiller home price indexes reported on Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.9 percent in May from April, bringing the measure down 15.8 percent from May 2007.

The decline was slightly less than expected and not as severe on a monthly basis as in April. Seven regions showed increases on a month-over-month basis, providing a "possible bright spot" for U.S. housing that otherwise continues to weaken, S&P said.

"We are not going to get too excited about the data yet as it is not seasonally adjusted and prices tend to be higher during the spring selling season," said Michelle Meyer, an economist at Lehman Brothers in New York.

That's my favorite part...where she says she isn't going to get too excited...this lady is paid for this intellect?

What a moron, the country is in the worst economic state ever since the recession of the 80's and she sees a bright spot in the housing market as values on your home and mine drop 16%?

I don't know about you but that means several tens of thousands of dollars I just lost...bright spot?

Maybe for Fannie Mae, Freddie Mac and Bear Stearns

But not for me...or you... or our neighbors...or our families.

DUH.

Remind me not to seek any financial advice from Lehman Brothers.

Welcome to Detroit