Relevant:
- Home Price Declines Lead to Drop in Net Worth
- Existing-home sales slide for third-straight month in June, touch 5-month low as housing sputters
- Spike in existing home sales mostly fueled by foreclosures
- Has the housing market hit bottom?
- Hamptons luxury home sales soften as Wall Street weakness takes a toll
2013-06-06 — zerohedge.com
Mortgage applications by real people who want to live in a home are no higher than they were in 2010 when home sales were 33% lower than today. Mortgage applications are lower than they were in 1997 when 4 million existing homes were sold versus the 5 million pace today. The housing recovery is just another Wall Street scam designed to bilk the American middle class of what remains of their net worth.
...
In other words, the giant financial service companies are attempting to privatize public resources, socialize losses, scam people out of their homes and other private property ... and then rent back to us what we used to own for a hefty price.
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