Word: pricing
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...probably not done yet. "Our outlook is that home prices will continue to fall, bottoming by the end of this year, but it won't be until the end of 2010, maybe even 2011, that we'll see steady price gains," says Celia Chen, an economist at Moody's Economy.com. Chen and her colleagues predict that home prices, as measured by Case-Shiller, are due to drop some 30% from their early-2006 peak. We're only about two-thirds of the way there. (See pictures of Americans in their homes...
...overshot on the way up, and it's very likely we'll undershoot quite a bit on the way down," says Patrick Newport, an economist at the analytics shop IHS Global Insight. His firm's forecast is for another 10% to 15% drop in NAR's median sales price before things start turning around next year - and that's assuming the economy begins growing again in the second half...
...there are strong arguments to thwart the doubters. Toxic assets may never be worth close to the government's purchase price. The most serious problem is that taxpayers may never see any return at all on that capital. That case cannot be made about land. Keeping up property owned by the government is employment worth creating because it hastens the time that the property can be viewed as valuable and salable. The federal government plans to rebuild monuments in Washington at an estimated cost of $400 million. This money might be better spent on maintaining real estate bought as part...
...overwhelmingly dependent on economic sanctions and is simply not effective. This is due to the volatile state of global energy markets, particularly crude oil. Since Tehran relies on oil exports for 85 percent of its foreign exchange revenue, UN sanctions can be rendered meaningless by steady increases in the price of oil and gas—a trend that has reached alarming rates in the past five years...
...fact, establishing diplomatic relations with Iran would allow the US to use the rising price of oil to its advantage. Currently, Iranian oil production is barely 60 percent of what it was in 1977. This fall in production has been largely attributed to a lack of foreign investment. Without formal diplomatic relations, US companies cannot effectively do business in Iran. Similarly, US diplomats are unable to make credible promises. If the US re-establishes official relations, American oil companies—who have some of the most advanced petroleum extraction technologies in the world—could easily increase Iranian...