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An Assessment of the Housing Crisis

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What follows is a summary of a recent CNN Money synopsis of the housing market.  The link to the full article can be found below.

As President Obama’s approval rating grows more and more unstable, the country watches with interest to see what new initiatives he may have up his sleeve to rescue the struggling real estate market. It is not that he has paid no attention to this sector so far, only that his efforts have resulted in a string of failed attempts.

Since assuming office in 2009, President Obama took on the mortgage foreclosure crisis as a challenge. The very promising programs HAMP, for addressing foreclosures, and HARP, the refinance program, were announced in quick succession and promoted widely. However, their impact three years later has been less than impressive with both enjoying success rates of less than 25%.

Market players believe the failure of these programs was inevitable, as the crisis on hand looms far beyond the housing sector. With a weak economy at the moment, widespread unemployment and hesitant lenders to cope with, the view is that initiatives should have been directed at creating jobs for homeowners rather than brining down mortgage rates. Many are of the view that the foreclosure problem has spiraled too far out of control to be fixed with a few easy programs. To read more on CNN Money’s assessment of the situation, please click here.

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