alstry (35.72)

Oh Goooody.....Its Crashing!!!!

September 30, 2008 – Comments (2)

Let's See How the Media Spins this Mess:

NEW YORK - A closely watched index shows home prices tumbling by the sharpest annual rate ever in July, but the rate of decline is slowing.

The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday fell a record 16.3 percent in July from the year-ago period, the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history.

OK....we are selling more houses....but we are losing more on every house.

Yipeeeee......look mommy... look how much money I can lose selling houses at a loss!!!!!!!!!!

I bet I can sell a whole bunch of houses at $50K each.....just watch..........the problem is that they cost me $100K to build.....but don't worry......I will call it a one time charge until the next time.....

Time to restructure.....Now!!!!!!