americanaspiration

Home prices to fall more in 2011

In News on February 9, 2011 at 7:41 pm

The Economist reports thet the complete failure of Obama administration policies designed to combat the housing crisis means that there will be more foreclosures in 2011 than in 2010. Not exactly a record we want to set.

The HAMP program anticipated to permanently modify 3-5 million mortgages has only helped a little more than five hundred thousand. The problem seems to be that the administration completely misunderstood the characteristics of the “at risk” homeowner and designed policies that excluded anyone earning a decent income despite being hundreds of thousands of dollars underwater.

The continuing high level of foreclosures is expected to continue to put downward pressure on home prices.

Read more:
America’s housing market: Suspended animation | The Economist http://t.co/1sLqMh3

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