The Obama Economy: Home Values Fall 3% in the First Quarter, 28% of Home Owners Underwater

WAG THE BIN LADEN …

Is it any wonder why President Barack Obama continues to spike the football and take credit for the killing of Osama Bin Laden? It was an important mark in the war on terror; however, just like Obama’s minions stated that it took a mosaic of intel to get Bin Laden, the issues that face Americas is also a mosaic of bad economic news.  AMERICA WAKE UP, DO NOT BE DISTRACTED!!! While Obama takes credit for the death of Bin Laden, the US economy is falling apart. So much for the home market recovering, home values fell 3% in the first quarter.

Home values fell 3% in the first quarter from the previous quarter and 1.1% in March from the previous month, pushed down by an abundance of foreclosed homes on the market, according to data to be released Monday by real-estate website Zillow.com. Prices have now fallen for 57 consecutive months, according to Zillow.

The governments continued meddling with the housing market has caused the housing markets to flounder. As stated by the NRO, “programs, like Cash for Clunkers, do little more than rearrange the deck chairs on a sinking ship. They advance home sales but don’t create new demand, so the effects are economically unsustainable.”  Thanks Barack, 28% of home owners are now underwater. Elevated gas prices, increased food prices, an unemployment rate up to 9.0%, an anemic 1.8% GDP in the first quarter and now home prices fall. Obama’s handling of the US economy has been pathetic at best.

Ten days ago, the Commerce Department released the latest evaluation of American economic growth, which came in at a paltry 1.8%, a steep drop from the unspectacular 3.1% in the fourth quarter of last year. By the time the weekend ended, that news got understandably swamped out by the successful military operation that killed Osama bin Laden.  But even from Rome, I was surprised by the lack of attention that it drew before Sunday night, especially since the media showered the White House with favorable coverage of the previous quarter’s results.