The Housing Double-Whammy

THE INTERNET POST

English: Sale by owner previous to foreclosure. English: Sale by owner previous to foreclosure. (Photo credit: Wikipedia)

by MIKE WHITNEY

The nation’s biggest lenders are doing everything they can to reverse the slide in housing prices and put the market back on solid footing. And they’ve had some success, too. In Maricopa County, for example, where prices on some homes dropped more than 60 percent, a housing revival is underway thanks to the persistent manipulation of the banks. In the last year, the median price of a Phoenix-area home increased by 29 percent making Maricopa County the hottest housing market in the country. (Average home prices in that region are up 11.5% since May 2011.) The cheerleading media would like you to believe that the surge in prices is due to shrinking inventory which slipped 33% in the last year. But that’s not it at all. The real reason is that the…

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