We have a credit crisis because we have a housing/property crisis. And we have a property crisis because suburbia depends on cheap abundant energy to run, and energy is not long cheap or abundant.
NEW YORK - A closely watched index shows home prices tumbling by the sharpest annual rate ever in July, but the rate of decline is slowing.
The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday fell a record 16.3 percent in July from the year-ago period, the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history.
However, the pace of declines has slowed over the last three months, but there is still no sign of a bottom, one of the index creators said.
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