By: Jeff Cox
CNBC.com Staff Writer
http://www.cnbc.com/id/43395857
It's official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.
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Getty Images |
Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.
The news comes as the Federal Reserve considers whether the economy has regained enough strength to stand on its own and as unemployment remains at a still-elevated 9.1 percent, throwing into question whether the recovery is real.
"The sharp fall in house prices in the first quarter provided further confirmation that this housing crash has been larger and faster than the one during the Great Depression," Paul Dales, senior economist at Capital Economics in Toronto, wrote in research for clients.
And another clip from CNBC this one from Rueter's
Inflation Keeps On Rising but Manufacturing Gauge Slumps
U.S. core consumer inflation rose at the quickest pace in nearly three years in May and a regional manufacturing gauge contracted this month, underscoring the headwinds facing the economy.
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CNBC.com |
Core inflation was lifted by steep rises in motor vehicle and apparel prices and economists had expected the measure, which is closely watched by the Federal Reserve, to rise 0.2 percent last month.
The year-over-year core inflation index rose 1.5 percent in May from 1.3 percent in April.
Overall CPI increased 0.2 percent, slowing from a 0.4 percent advance in April, as gasoline prices fell. That compared to expectations for for a 0.1 percent gain.
But in the 12 months to May, consumer prices rose 3.6 percent, the biggest jump since October 2008, and well above expectations for a 3.4 percent increase.
And finally Shaza also sent me this. She was a busy bee yesterday
This one was on Fast Money
Gold to Reach $5,000 Due to Supply Shortage: Report
Written by John Melloy
An exhaustive report by Standard Chartered predicts that gold [GCCV1 1526.20 
1.80 (+0.12%) 
] will more than triple to $5,000 an ounce because of a lack of supply, not just because of a surge in demand that most bullion bugs cite in their bullish calls.
1.80 (+0.12%) ] will more than triple to $5,000 an ounce because of a lack of supply, not just because of a surge in demand that most bullion bugs cite in their bullish calls. |
AP |
“There are very few large gold mines set to commence operation in the next five years,” said Standard’s analyst Yan Chen in a report Monday. “The limited new supply comes at a time when central banks have turned from being net sellers to significant net buyers of gold. The result, in our view, will be a gold market in deficit, even assuming flat growth in demand. With the supply-demand balance so out of kilter, we see the gold price potentially going to US$5,000/oz.”