Think that house 20 miles away from everything is depreciating fast today? Just wait. Welcome to a world with not enough oil to meet demand.

Get beyond the "peak oil" argument and freak show, and just look (again, and as always) to basic supply and demand. Long term we know we'll move off of oil and into renewable energy resources, but short term, we're screwed. There isn't enough production capacity to meet demand over the next decade or more, with China, India and the developing world heating up, and the US addicted to the black stuff with absolutely no conservation plan or renewables push.

We're simply gonna run short. And how does the market deal with shortages? You got it - prices will go through the roof. The only way to lower demand, and it will be painful (for consumers) yet oh, so profitable (for oil companies and refiners and alternative fuel producers).

Get ready. And if you haven't already, sell that house out in the exurbs as fast as you can. And the stupid Hummer H2 too.

Oil companies see profits soar … but warn production cannot meet demand

OIL GIANTS BP, Shell and Exxon will heighten fears that petrol prices are set to jump the £1-a-litre barrel barrier this week when they are all expected to admit that their production is failing to keep pace with surging global demand.

Their message will reinforce the recent stark warning from the International Energy Agency that there could be oil industry shortages stretching up to 2012 despite the vast sums now being spent on exploration and development.

For once the disappointing news on output could overshadow the level of profits the companies are earning even though Exxon, for example, is expected to announce second quarter earnings of approaching $11 billion (£5.5bn) which is the highest ever earned by a single company in such a short period.

The oil companies are expected to blame various outside factors for the disappointing production levels, including falling output from the North Sea, terrorism in Nigeria and Iraq and political interference in Venezuela, as well as restrictions by the Organisation of the Petroleum Exporting Countries.

It's George Bush's "National Homeownership Month". It's also HP's "National I Sure Hope You've Sold and Are Renting Month"

What else would you expect from the worst president in US history? But hey, it's nice to see the National Association of Homebuilders and National Association of Realtors and the National Association of Mortgage Brokers get what they paid for, eh?

Bush's thinking: Hey, let's tell the suckers to go out and buy a home, regardless of price, regardless of the fundamentals and regardless whether they can afford it. That'd be cool! Maybe we should call it "National Pay Big Commissions to REALTORS and Mortgage Brokers Month". Or "National They Ain't Makin' More Land Month", or maybe even "National If You Don't Buy Now You'll Be Priced Out Forever Month".

The Great Housing Crash will make this guy not just the worst president in US history. He'll be ushered out of office as the least popular president in US history too. Good riddance.

National Homeownership Month, 2007 (Also called "National Massive NAR PAC funding thank you month")

A Proclamation by the President of the United States of America

Owning a home is part of the American dream, and National Homeownership Month is an opportunity to encourage our citizens to explore the benefits of owning a home.

Owning a home provides a source of security and stability for many of our citizens.

My Administration is committed to fostering an ownership society and helping more Americans realize the great promise of our country. Today, nearly 70 percent of Americans own their homes, and the rate of minority homeownership has climbed to above 50 percent since I took office in 2001.

In addition, the American Dream Downpayment Act of 2003 is helping thousands of low to moderate income and minority families with the downpayment and closing costs on their homes.

During National Homeownership Month and throughout the year, I urge citizens to consider homeownership opportunities in their communities, and I applaud American homeowners for helping fuel the economy.

NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States of America, by virtue of the authority vested in me by the Constitution and laws of the United States, do hereby proclaim June 2007 as National Homeownership Month. I call upon the people of the United States to join me in recognizing the importance of homeownership and building a more prosperous future.

(:^0

US Treasury Secretary Henry Paulson goes on record, calls housing crash bottom

Ha.

Ha ha ha ha.

Ha ha.

Ha ha ha ha ha ha ha ha ha ha ha.

Ha.

Ha ha.

Ha ha ha.

Treasury Secretary Henry Paulson delivered an upbeat assessment of the economy, saying growth was healthy and the housing market was nearing a turnaround.

"All the signs I look at" show "the housing market is at or near the bottom," Paulson said in a speech to a business group in New York. The U.S. economy is "very healthy" and "robust," Paulson said

The HousingPANIC word of the day: Incompetence

That the incompetent Bush loves to surround himself with other incompetents is almost funny.

Well, it would be funny if it wasn't so not funny.

Failure

And it's just gonna get worse, and worse, and worse, and worse...

President Cheney anyone? (oh dear god help us)