Economists continue to lower their expectations for a vigorous, sustained recovery. The economy cannot produce enough momentum to bolster the tepid good news from a few indicators. Business production is on the rise and a few of the Leading Economic Indicators were positive. However, these gains were offset by rising labor...
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With 20% of American mortgages underwater, the Obama administration has been under a great deal of pressure to expand programs designed to assist homeowners in danger of foreclosure. To that end, President Obama announced that an additional $14 billion in aid will be provided in order to shore up the F.H.A. and other assistance...
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Modification is a process where the terms of a loan are adapted to new specifications that are outside of the original, agreed upon terms. Terms that can be modified include interest rates, monthly payments, or the length of the loan. When the housing bubble burst, home prices fell and many homeowners were devastated. As...
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News reports are awash with the “good news” about home sales. While I do not want to be overly pessimistic, I am genuinely confused about the rush to declare the recession over. I want the recession to end. However, what has been done to address the institutional failures that created the current crisis? Congress...
read moreThe idea of owning a home is in many ways integral to the American Dream. The notion of property ownership conveys the idea that you have a stake in the future of the country. Those with a vested interest are more apt to do what is required to protect their investment. However, the rapid deflation of the housing bubble has had a...
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The housing numbers are frightening. Not only are new home starts at historic lows, but economists are predicting an even higher number of foreclosures in 2009. A foreclosure is a proceeding in which a lender or creditor seeks to repossess the collateral for a default loan. Considering the deteriorating state of the economy,...
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