The astounding 7.2% rise in July 2009 home sales was fueled by the sale of distressed properties to speculators (representing 31% of sales) and first time home buyers cashing in on the federal government bonus program slated to end on November 31, 2009.
Speculative vultures swooped down to fest upon the dirt cheap foreclosed bank owned properties of hard working low to middle income families in July. Darkening the sky like an approaching biblical plague these privileged elites purchased the now bank foreclosed homes. Those losing their homes were predominately hardworking families thrown out on the street by bankers.
Bankers who directly or indirectly received over a trillion dollars of taxpayer money so they could continue to fleece, charge exorbitant fees, and pillage a business rigged government & economic system. Can we therefore expect any justice from an ultra-capitalist society that pampers the political & business elite?
Or should we just wait patiently until the day when the great economic "leveling" occurs; the inevitable total collapse of this dysfunctional ultra-capitalist economy that will take all classes down to the financial basement? This day is near at hand; no substantive fundamental changes have occurred to move us from our path of enforced income starvation that affects the majority of global citizens - especially Americans. Case in point: 1 in 8 homes are now in some stage of foreclosure, the July 2009 housing inventory rose 7.3% to an alarming 4.09 million homes - this represents a 9.4 month supply of unsold depreciating properties, banks continue to hold off the market an unprecedented number of foreclosed properties; business revenues continue to plunge, and job losses haven't been stemmed. Does this represent an economy on the mend?
No, what we have is an ultra-capitalist societal contrivance that continues to pump government transfer payments, drained (declining) wage income, and illusory investment income to a privilege few elites who teeter at the top of our crumbling economy. This does not constitute a self-sustaining community of equitable benefit but an aristocracy of privilege geared exclusively towards bettering the most fortunate at the expense of the least fortunate.
Anyone who sees a ray of sunshine pushing through the ever darkening 'depressionary' clouds swirling above our world should probably immerse themselves in reality instead of enforced delusion.