Just when you think things can’t worse…get any lower….they get worse and they get lower.
A new study out, reported by CNNMoney, shows that the confidence level of homebuilders has gone down to yet another record low for November.
The figures come, by the way, from the National Association of Home Builders/Wells Fargo housing market index.
A “crisis situation” is what the chairman of the NAHB calls this,according to CNN.
What now?
The government is still refusing direct financial aid to those who face foreclosure–you know, the kind of aid taxpayers have already given big banks and at least one giant insurance company (quiz…can you name which one?)
A large number of experts, if there are any, believe that the key to this entire financial mess we find ourselves in is to make sure the housing market returns to something that most folks would recognize as normal.
A lot of these other “fixes”, by that measure, are skirting the issue. Great they can save the banks. Great they can save AIG (that’s the answer to the quiz question BTW). Great they may end up saving GM.
But until they save homeowners, we are not likely to even begin turning things around.
Is Obama the answer?
That is the question around Washington and the nation. Can he really fix the problem within a short time of taking office?
The answer is probably not. But it may not matter. It has been pointed out that FDR didn’t actually get us out of the Great Depression, but he scored points with voters because he was willing to try just about anything to do so. That goodwill went a long way.
Obama may shadow what FDR did. He may get credit for trying anything and everything and that by itself may greatly ease the situation. It would induce confidence among many.
True, Obama will take office with his party in control of Congress—it added another seat today with final defeat of the Republican Senator from Alaska who got caught with his hand in the cookie jar. (Moose jar in Alaska? That doesn’t make sense.)
However, Democrats do not think or vote as a block. There are factions within factions.
But with horrible economic figures likely to continue and, in fact, grow worse, Obama may have a golden, once in a presidency, chance of actually getting something done that will address the mortgage crisis and start bringing it to an end.
Photo Credit: tylerc083
Related posts:
- Barack Obama and The Housing Crisis — Yours, Not His
- The Mortgage Crisis Has a Silver Lining (…and other truths you won’t hear on cable news this week)
- What Can Barack Obama Teach You About Real Estate Investing?
- Why Interest Rate Drops May NOT Be a Good Thing
- Who is Better for the Real Estate Market: McCain or Obama?
Article Author: Charles FeldmanCharles has written 179 articles for us.
Visit Charles's Website: http://www.thefeldmanblog.com
Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog, as well as on The Huffington Post.
Joshua Dorkin
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At this point it doesn’t matter who it comes from, we need some help in the housing market. Things will continue to spiral out of control if something isn’t done soon. Hopefully we have already seen the worst already.
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