Daily Revolt

September 25, 2007

Home Prices Post Biggest Drop in 16 Years

Who's to blame? Low interest rates led to speculation in the housing market for years creating a bubble. As oil prices climbed inflation went up. Higher inflation necessarily meant higher interest rates; the bubble burst. Ipso-Facto, housing crash. Who's responsible for higher oil prices: George W., the oil man, and his war:
The decline in U.S. home prices accelerated nationwide in July, with prices posting the steepest drop in 16 years, according to the S&P/Case-Shiller home price index released Tuesday.

Home prices have fallen by more every month since the beginning of the year.

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