Sunday, July 03, 2011

Joys of the Obama Economy: 'Housing is More Affordable Than It’s Been in a Generation'

Is there no end to the good news?
Housing prices have hit rock bottom and the economic climate is prime to purchase a home, said Housing and Urban Development Secretary Shaun Donovan.

In an interview broadcast Sunday on CNN’s “State of the Union,” Donovan said declining foreclosure rates make him hopeful, adding that it is “very unlikely we see a significant further decline.”

“Housing is more affordable than it’s been in a generation,” Donovan told CNN Chief Political Correspondent Candy Crowley. “I think it is a good time, long time to become a home owner because it’s so affordable today compared to where it’s been for generations.”

With 1.3 million homes in foreclosure, Donovan said he recognizes the frustrations of the American people but added that housing prices have largely stabilized following the “most serious crisis we’ve had in housing since the Depression.”

“Foreclosures are coming down. They’re down about 40 percent since last year,” said Donovan, who joined President Barack Obama’s Cabinet in 2009. “So, we are making progress, but rightly, the American people recognize we’re not where we need to be. We still have a ways to go.”
Only an Obama drone can pretend devalued home prices is something good for the American economy.

Indeed, we have a ways to go. To January 20, 2013, to be specific, before this disaster comes to a close.


Eli said...

Yeah too bad no one has a job to buy those great, cheap houses.  Man why didn't I think of this.

Michael Kennedy said...

I don't think the decline is over. The house next door sold for about 2/3 of what the owner (now deceeased) paid for it two years ago.

rich b said...

Yeah things are in great shape Omama. I hear one can buy a house in Detroit for less than a thousand dollars. Hmm... I wonder why? These assholes have re-written the definition of the word "spin". What fucking planet are these turds living on anyway?

Hopefully the breathtakingly stupid fifty-three percent that voted for Ovomit in 2008 make a better selection the next time around. But any electorate that's idiot enough to put a clueless fool and liar such as Omama in office is dumb enough to do it again. That's what scares me. I pray for America with fools like this casting votes.

George Boggs said...

If anyone thinks the housing crisis is over, then I have house I'd like to sell you in Brooklyn...real cheap.  Come on, when will the media admit that the housing crisis, is at its core, a consequence of the baby boomers starting to retire without the backstop of larger generations behind them.  The housing "crisis" is nowhere near its peak as the tail end of the baby boom is just exiting their prime house purchasing years. Where are all the people who are going to be able to buy houses, especially considering the amount of taxation they will be hit with in order to support the profligate baby boomers?

msspurlock said...

"Good news, comrades! Snow boots are now only 1 ruble."

"One ruble? Amazing! How does the Supreme Soviet do it? That means snow boots are more affordable than ever!"

"Eh, yes, in less good news, we cannot pay you, there are no snow boots and it is July."

sherman37 said...

Candy's doing her part to support her Prez. I'm sure she'll continue 24/7 thru 11/12.