How have collapsing home prices impacted you?
February 2nd, 2012
05:00 PM ET

How have collapsing home prices impacted you?

FROM CNN's Jack Cafferty:

Shocking new numbers on the housing crisis which show home prices down nearly 33% since peaking in the summer of 2006.

Translation: the value of many Americans' biggest asset has dropped by one-third in just the last 5 years.

The latest S&P/Case Shiller 20-city report shows home prices posted a steep drop in November, falling 1.3%. Some of the hardest-hit cities include Chicago, Atlanta and Detroit.

Compared to a year ago, home prices are down close to 4%.

Experts say that home prices are still falling despite record low interest rates and better GDP growth. They think prices will continue to drop this year and maybe even into next year before finally stabilizing.

Some suggest prices are down in part because more sellers are willing to accept the weak market conditions and lower their asking prices.

Also playing a role is the increase of sales of properties in foreclosure - look no further than Nevada, the site of Saturday's caucuses, which is the foreclosure capital of the country. Arizona and California also suffer from some of the highest foreclosure rates.

Meanwhile the U.S. Census Bureau says that the nation's homeownership rate has fallen to 66% - the lowest in seven years.

Economists tell USA Today that while the housing industry's downturn may be nearing a bottom, the impact will be felt for years.

They say even for people who want to buy a home, they may have difficulty getting financing for a mortgage.

In short, we've got a long way to go before the housing market rebounds.

Here’s my question to you: How have collapsing home prices impacted you?

Interested to know which ones made it on air?


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Filed under: Economy • Homeownership
How worried should President Obama be about winning a second term?
February 2nd, 2012
04:00 PM ET

How worried should President Obama be about winning a second term?

FROM CNN's Jack Cafferty:

As the Republican candidates keep tearing each other apart, President Obama may want to start worrying about November - if he hasn't already.

New Gallup state-by-state polling on the president's approval rating suggests he might be in trouble.

Overall, President Obama averaged a 44% job approval in his third year in office - down from 47% in his second year.

According to gallup, his approval rating declined from 2010 to 2011 in 47 of the 50 states. Not good.

The president's approval rating was above 50% last year in only 10 states plus the District of Columbia.

Gallup suggests that the state approval rating could provide some clues into how President Obama will fare in the electoral college.

If the president were to carry only the states where more people approved than disapproved of him last year, he would lose to the Republican nominee 323 to 215. That's landslide territory.

And Politico reports on several additional factors working against the president.

The congressional budget office says unemployment is likely to climb to 9% by the election.

There's polling that shows President Obama tied or trailing Mitt Romney in key swing states.

And there's growing evidence that the idea that the president will raise a lot more money than the Republicans just isn't true.

Of course there are still nine months to go before the election; and we don't know yet who the Republican nominee will be, or if there will be a third party candidate - which could work to Mr. Obama's advantage.


Here’s my question to you: How worried should President Obama be about winning a second term?

Interested to know which ones made it on air?