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Harry Dent Calls for 40% Additional Drop Home Value
“The median U.S. home price is going to $120,000…” – Harry S. Dent Jr.
By Q1 Publishing,
It doesn’t look like homeowners will get any reprieve from home prices soon enough.
Harry S. Dent Jr., who provides forecasts based primarily on demographic shifts, recently stated the bottom is a long, long ways away.
Harry Dent, American demographer, economist and writer, predicts the median U.S. housing price is going to $120,000. This is significantly lower than the 2007 median U.S. home price of $191,000 which is the lowest level since 2004.
In an interview with Goldseek Radio (listen to interview here) Dent further adds:
“We’ve seen…
Retail Sales Down as Unemployment Rises and Home Values Decline
Retail sales fell 0.1% in July, as home values declined, unemployment rose, and consumers cut back on big-ticket spending.
The decline was the first drop in five months and followed a 0.3% up-tick in June, the Commerce Department reported yesterday (Wednesday). Sales at dealerships and parts stores were at the forefront of losses dropping 2.4%. Excluding automobiles, retail sales rose 0.4%.
Automobile sales have been steadily worn down over the past year by the steep escalation in gas prices. Americans drove 12.2 billion fewer miles, or 4.7% less, than they did in June 2007, the Department of Transportation reported yesterday. U.S.…
14Aug2008 | Money Morning | Comments Off | ContinuedHome Prices and Consumer Confidence Traverse Record Lows
Another fresh round of economic data was released yesterday (Tuesday) with the prognosis looking dire for the U.S. economy.
Home prices as measured by the S&P/Case Shiller composite index of 20 metro areas fell 1.4% in April from March and slumped by a record 15.3% over the year. The group’s composite index of 10 metro areas dropped 1.6% in April, making for a record 16.3% annual drop.
According to the S&P, 13 of the top 20 metro areas are still posting record annual declines with price losses in the double digits for half of the areas.
“The potential is a vicious cycle which…
25Jun2008 | Money Morning | Comments Off | Continued
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