The outlook for house prices is getting even gloomier as traders on the Chicago Mercantile Exchange bet on steep price declines and the number of homes for sale grows.
Traders on the CME expect home prices in 10 major cities to drop an average of about 10% from mid-2007 to November 2011, according to an analysis by Tradition Financial Services Inc., New York, of prices for housing futures traded on the exchange.
Oh yeah? But what about Palo Alto?
That’s right – the growth number is so large, they couldn’t fit it on this graph.
This is yet another example of MSM (Main Street Media) manipulating data to hide the truth we know in our hearts.