Blog powered by Typepad
Member since 03/2004

« Why not a community center? | Main | Newstalk for Wednesday April 23rd 2008 »

April 22, 2008

Comments

housing

Mike

Your a good Congressman. But get of the snide about China.

Our country is in a deep recession. My house in Somerville is worth $100K than I paid for it 2 years ago.

WOrk on issues that impact us.... or I will vote you out

housing

Mike

Your a good Congressman. But get of the snide about China.

Our country is in a deep recession. My house in Somerville is worth $100K LESS than I paid for it 2 years ago.

I know many people who are on the verge of losing their condos and houses in SOMERVILLE.

Forget about China

WOrk on issues that impact us.... or I will vote you out

Depression coming to somerville

An influential economist who long predicted the housing market bubble cautioned Tuesday that the slump in the U.S. housing market could cause prices to fall more than they did in the Great Depression, and bailouts will be needed so millions don't lose their homes.

Yale University economist Robert Shiller, pioneer of the widely watched Standard & Poor's/Case-Shiller home price index, said there's a good chance housing prices will fall further than the 30 percent drop in the historic depression of the 1930s. Home prices nationwide already have dropped 15 percent since their peak in 2006, he said.

"I think there is a scenario that they could be down substantially more," Shiller said during a speech at the New Haven Lawn Club.

Shiller's Standard & Poor's/Case-Shiller home price index is considered a strong measure of home prices because it examines price changes of the same property over time, instead of calculating a median price of homes sold during the month.

Shiller, who admitted he has a reputation for being bearish, said real estate cycles typically take years to correct.

Home prices rose about 85 percent from 1997 to 2006 adjusted for inflation, the biggest national housing boom in U.S. history, Shiller said.

"Basically we're in uncharted territory," Shiller said. "It seems we have developed a speculative culture about housing that never existed on a national basis before."

Many people became convinced that housing prices would increase 10 percent annually, a notion Shiller called crazy.

Shiller, who said it's difficult to forecast prices, endorsed legislation proposed by Sen. Chris Dodd, D-Conn., and Rep. Barney Frank, D-Mass., that would allow the Federal Housing Administration to back as much as $300 billion in mortgages for struggling homeowners

Capuano

I agree. Capuano should focus on domestic issues, not on some symbolic BS issue. Besides, how can the US, GWB in particular, talk about boycotting anything because of human rights violations? C'mon, we invaded Iraq caused the death of hundreds of thousands of people. We accept torture. People die because they have no health insurance. What the hell? Capuano, perhaps you should boycott the US Congress!

Ward 3 Voter

Hi I one opinion and just wanted to say that the summer games should be played, we all should put ballots and bullets aside. so i say No to the boycott congressmen. also mr congressman when are you bringing senator obama so us voters here in somervile can meet him? and what about the higher oil prices?

somebody

The whole boycott Olympic games in China topic is a mask for the real issue. What's really going on is that China is getting most of Sudan's oil, and other countries want in on that oil. So everyone is drawing attention to China's indirect support of genocide, hoping that China will confront Sudan... and in turn, Sudan will no longer give China special treatment.

Don't get me wrong, most people would like the genocide to stop... but come on, the US has been in China's shoes before. We haven't been innocent of killings/genocide in our history. The only reason our government REALLY cares is because there is oil/money involved.

j

Way to swing for the empty bleachers, Mike! Who has been calling for this but you and a liberal minority? If we buy oil from countries with human rights abuses (which we do), doesn't the same logic apply to the US? As for Darfur, we aren't going to do anything about it, until more troops materialize (which they won't). Stop wasting everyone's time with political symbolism; we have more pressing matters here in Somerville.

William Hurst

Does the good Congressman from Somerville know how much money China has invested in our (US) economy? They hold bonds which have a direct impact on the housing (mortgage) market. They own pieces of financial institutions and manufacturing here in America. China could cripple the US economy. Will they? It is doubtful because they would also be hurting themselves. But if this Congress wants to play games with China because of Darfur the Chinese government can financially hurt us. This will lead to the boycotting of US products in China and Chinese products here. Sanctions will be imposed, tariffs will increase. WWIII?

William Hurst

PS: Gas $3.40 per gallon, diesel $4.35 per gallon. Food prices growing higher and higher. Wages going down, 2 mortgages on your home, taxes going higher etc etc, and the only thing I hear from this Congress is "Iraq and Darfur".

i hate clara

Leave the grandstanding to the Right, they invented self-righteous, distraction tactics.

The foremost Olympic historian said it himself - no US president has attended the opening ceremonies when the games are outside the US.
Evidently, the Olympic torch was a tradition started by the Nazis - who knew!

http://www.npr.org/templates/story/story.php?storyId=89163697

So this is moot. if you have a problem with China then address it in a political manner. The trade imbalance with China and their currency policy does factorinto the debate about the economy....sports don't.

http://www.huffingtonpost.com/david-wallechinsky/how-to-protest-against-th_b_95596.html

Abolish the Olympics

Abolish the Olympics Scam. That's my recommendation. It's become a disgusting advertisement orgy, like most sport events. There is no meaning anymore.

The comments to this entry are closed.

Most Recent Photos

  • Danehy_Park_Family_Day
  • Bloco
  • 3517a
  • Web_toon_7_21_10
  • Prospect hill
  • Web_toon_7_14_10
  • 3224a
  • Art1(2)
  • Art5
  • Art10(2)
  • Union_square_flood
  • Flood_pic_(bridge_1)