By a number of measures the housing market has not recovered.
I asked frequent contributor Chartist Friend from Pittsburgh to apply his technical insights to the housing market. His charts and observations are illuminating:
I've looked at the charts a little further, and the pattern that emerges is this: fatal collapse - attempt at resuscitation - imminent reading of the last rites.In technical terms that would translate to "a" wave breakdown (in most cases to new lows), "b" wave correction/pullback to previous support neckline, then "c" wave to lower lows.
It saddens me to have to report that, even with mortgage rates at historic lows, the American housing market is dead.
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We are like passengers on the Titanic ten minutes after its fatal encounter with the iceberg: though our financial system seems unsinkable, its reliance on debt and financialization has already doomed it.We cannot know when the Central State and financial system will destabilize, we only know they will destabilize. We cannot know which of the State’s fast-rising debts and obligations will be renounced; we only know they will be renounced in one fashion or another.
The process of the unsustainable collapsing and a new, more sustainable model emerging is called revolution, and it combines cultural, technological, financial and political elements in a dynamic flux.History is not fixed; it is in our hands. We cannot await a remote future transition to transform our lives. Revolution begins with our internal understanding and reaches fruition in our coherently directed daily actions in the lived-in world.
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