Wednesday, March 30, 2011

Washington Doesn't Get the Housing Bust

The index of US home prices
Shows no end to the real estate crisis
Ev'rywhere but DC;
There the job market more than suffices.  

The S&P Case-Shiller Index of existing home prices showed continuing weakness in the residential market in January. Year over year, prices fell by an average of 3.1%, in every metropolitan area except Washington DC. There, a combination of a crowded housing market and a resilient job picture for politicians, bureaucrats, military and lobbyists contributed to a 3.6% annual increase.  San Diego was essentially unchanged at +0.1%, no doubt demonstrating the calming effects of warm Pacific breezes.

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