"Lawrence Yun, chief economist of the National Association of Realtors, said that 45 percent of all home sales were so-called “distressed sales,” meaning that the sellers faced foreclosure, or they were forced to sell their home for less than the value of the mortgage.
The numbers released Tuesday show that the housing market, which is at the center of America’s financial crisis, is displaying no signs of a quick recovery.
“They’re about as god-awful as they can get,” said Robert Barbera, chief economist at ITG. “This is pretty breathtaking stuff.”"
If you do have a house right now, the only smart thing to do is to burn it down for warmth. This will also cut down on your heating bill, which you can't pay anyway because you're burning your money too. As the prophetic Talking Heads sang so long ago:
"Hold tight wait till the party's over
Hold tight were in for nasty weather
There has got to be a way
Burning down the house"