Billions will save US housing Market. Nope.

The fed has decided to put together a multi-billion dollar bailout for large mortgage lenders. Don't worry, this is of no use to you.

The White House swallowed its distaste for $3.9 billion in grants the bill would provide for devastated neighborhoods. The bill could become law as early as this week. Article.

Woes, So Many Woes.

Real estate in the US really is in for a bit of trouble. Almost all experts are saying that the end in not even close to being near. Yeah!? American real estate is really going to be put through the ringer in the next few years. Many will loose their homes, and a few very rich people will get even richer by capitalizing on low real estate prices.

In the latest evidence that prices are still sliding, the National Association of Realtors reported Thursday that the median price of existing homes sold in June fell to $215,000, down 6.1 percent from a year ago. Sales fell 2.6 percent from the month before — far more than analysts had expected. Article.

Real Estate Woes

Well there are still big problems with real estate in the US. Experts say that the bottom will not arrive until 2011. That is a long wait. People are losing their homes at an unrivalled rate and it is expected to get worse.

Attention, real estate shoppers: the entire U.S. sunbelt is now officially on sale. Prices in many areas of Florida, Arizona, Nevada and California have dropped 40 per cent from their peaks of a couple of years ago, to the point where the deals seem nearly too good to be true. In Naples, Fla., a three-bedroom, two-bathroom home that sold for $350,000 in 2007 is on the market for only $200,000. A starter home in Sacramento, Calif., that sold for $215,000 in 2004, is on offer for a mere $129,000. And remember: these aren't sale prices. They're asking prices. Article.

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