Credit crunch ? Subprime ? Nessuno ne parla più ! Sembra che la crisi del debito americano sia già passata e finita nel dimenticatoio. 

Ed invece se ne occupano fior di economisti come il nobel stiglitz o il famoso Robert Shiller, una vecchia conoscenza delle nostre newsletter.

I due economisti sostengono la possibilità di un nuovo "Bad deal" causato da ben 11 miliardi di dollari equivalenti al valore ipotecario delle case di cui le istituzioni finanziarie si sono impossessate causa inadempienza dei mutuatari. Cosa succederà quando queste proprietà finiranno sul mercato? Per una proprietà transitiva dovrebbero atterrire lo spettro inflazione almeno per 20 anni, ma i due economisti sostengono invece che le banche ricollocheranno gli immobili sul mercato solo quando il mercato stesso sarà ripartito, creando una nuova bolla questa volta di proporzioni ancora più spaventose.

As the U.S. housing recession enters its fourth year, there’s no sign of a recovery because speculators account for most of the rise in sales.

While the purchases are trimming the inventory of unsold properties, most of those bought by speculators will likely return to the market when prices rise again, hampering any recovery, said Nobel laureate economist Joseph Stiglitz and Yale University Professor Robert Shiller in interviews.

“We’re creating a shadow inventory of homes that will be right back on the market as soon as the economy and the housing market begin to improve,” said Stiglitz, a Columbia University professor of economics. “We could see a double-dip in the housing recession if that happens.”

Banks owned a record $11.5 billion of repossessed homes in the U.S. at the end of the third quarter, according to the Federal Deposit Insurance Corp. Foreclosures accounted for almost half of all U.S. purchases in November and homes in default helped increase sales 83 percent in California.

There were an average 3,100 foreclosures per day in the U.S. in November, according to RealtyTrac Inc., an Irvine, California real estate data company. That’s triple the 1,000 per day average in 1933, the worst year of the Great Depression, according to the Federal Reserve Bank of St. Louis. The repossessed properties offer opportunities for investors, who typically buy homes at auction and rent them out until prices increase and they can sell.

‘Flippers’ Rule

“You don’t have it in strong hands, you have flippers,” said Shiller, who helped create the S&P/Case Shiller real estate price indexes. “These speculators are preventing the market from crashing now, and when they get out it could fall again.”