Has Obama Done Enough To Fix Housing Woes?

by chadfish on November 12, 2009

Has Obama done enough to fix the housing crisis? Is there more that he can do? The home loan modification program undoubtedly provided loan mods for a number of people that were underwater (but not too far gone) and helped them stay in their home. Should that program be extended and provide even more relief for troubled cities and homeowners?

In my opinion the broad based housing crisis, seems to have morphed into a region and city specific housing issue. For example Miami has over 2 years of unsold housing inventory on the books – even if no new houses were being built it would take over 2 years just to exhaust the existing supply. Las Vegas and Phoenix can’t be far behind, or Orange County for that matter. However in other cities in the Northeast, San Francisco and a lot of the Midwest (except for Detroit and a few other struggling cities with other inherent issues) home prices have stabilzed and even in some cases shown some gradual improvement.

So the question is do we need the federal government mandating any new housing programs in the near term future? With so many of our tax dollars flowing towards Washington DC, I suppose the federal government just loves the opportunity to come up with these mega programs so they can get their hands on more of your dollars, hire more people and really concentrate more power away from the states.

It seems to me that the worst of the housing crisis is over, even though we still have mortgage defaults now rising outside of just subprime loans. Prices fell far and fast enough that enough buyers emerged in these distressed markets to snap up real estate and proivde that floor that everyone was looking for.

What do you think? Are we need in of more housing bailouts?

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