Picture
Sales of previously occupied homes rose in 2009 for the first time in four years, despite a December slump that was due to a tax credit that led many buyers to complete sales earlier.

Still, prices plunged more than 12 percent last year -- the sharpest fall since the Great Depression. The price drop for 2009 -- to a median of $173,500 -- showed the housing market remains too weak to help fuel a sustained economic recovery.

Read more here.
 
 

Thought it was getting better?  Think again.  I've been saying for months that this isn't going to bet any better for a few years... except for oil and gas will slowly creep up into the expensive range again... which it has.  Check out earlier articles with predictions on gas prices.

Read more about housing here.

 
 
Picture

15.4 million homeowners are now upside down on their homes... they owe more than the home is actually worth.  This is up from 13.6 million only four months ago.  The number will probably hit at least 20 million by the time this is all over. 

Read more here.

 
 
Picture

"We've never seen two consecutive months like this," said Rick Sharga, RealtyTrac's senior vice president for marketing. "It's the volume that's surprising."

How stupid are the people in the industry?  What are you surprised about?  Foreclosures are going to keep happening because no one has a job to pay their mortgage and even if they find another job it's not paying as much as the previous... America got into a nasty habit of buying more house than they can afford and foreclosures will keep happening for years to come because of all the funky loans that financed this irrational buying. 

Read the full story here.

 
 

The home price crisis continues.  You can be the proud owner of a home in Michigan for as little as $1,000.  Yes, it probably needs an extreme home makeover from Ty what's his face, but still... you can't buy the tile in the bathroom for that much at Home Depot.  

 This crisis isn't even close to over until home prices stabilize... and with all the FOR SALE signs around I don't think that's happening any time soon.  If you've got the cash feel free to buy now in depressed markets like Arizona, Florida and California... but don't be surprised if prices fall another 15 percent. 

Check out these great buys in Flint, MI on craigslist.  What a steal!

Read more on $1,000 homes here.