Housing Prices Fall Year Over Year For First Time Since 2007

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Housing prices as measured by the Case Shiller 20 Housing Index are falling year over year for the first time since January 2007. There are two differences this time.

First, the rate of decline from the top is much more intense. Second, the owners of the mortgages are going to be the ones who lose. And the biggest owner of mortgages is the Federal Reserve itself.

The dollar’s fate is tied to the fate of the housing market, and the latter is teetering on the edge. Meanwhile, silver looks for a firm bottom as some form of default on government liabilities looks inevitable now.

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