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Dienstag, 3. März 2009

Wrong Turn on Housing

Why the president's housing priorities won't work
How to rescue housing?
The Obama administration doesn't have a plan — or, more accurately, it has only half a plan. It presupposes that preventing or minimizing home foreclosures is a formula for revival.

It isn't. Almost everyone agrees that a housing recovery is essential for a broader economic upswing, in part because housing's collapse brought on the recession. Mortgage delinquencies triggered the financial crisis. Tumbling home prices (down 26 percent from their peak) ravaged consumer confidence, borrowing and spending. Since late 2007, housing-related jobs — carpenters, real estate agents, appraisers — have dropped by 1 million, a quarter of all lost jobs.
....Here's a little-known fact: Housing may be more affordable now than at any recent time, thanks to lower prices and falling mortgage rates (now about 5 percent). The National Association of Realtors has an "affordability index" that estimates the family income needed to buy a median-price house, assuming a 20 percent down payment and monthly mortgage payments equal to 25 percent of income. Affordability is now the highest since the index's start in 1970........Unfortunately, demand hasn't followed affordability. ..........

....... If yesterday's $250,000 house is now $200,000, it may be $175,000 by June. Waiting is better.. more details here in Newsweek -->

have a look to Rio Vista/Calif or remeber the Red Line District


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