Per Shiller the Home Affordable Modification Program = A Failure!!! (here).“Economist Robert Shiller called the Home Affordable Modification Program a failure and said lawmakers and regulators should provide an incentive to create private mortgages with a pre-planned workout.
As for the current financial system, Shiller fears home prices could continue to slide for some time but there isn’t a clear trend. Speaking at Standard & Poor’s housing summit in New York last week, Shiller was more cavalier, saying there is room home prices could drop another 10% to 25%. The S&P/Case-Shiller index he helped build reached a new low after post-crisis in the first quarter.”
I always feel like the bearer of bad news. There are some reasons for early optimism since on a month over month basis housing starts (albeit not yr over yr) and mortgage applications are up month over month. Also as housing prices fall, investors are coming to market with cash and buying. Ultimately with an unfettered market, prices will find equilibrium.
Tell ’em where you saw it. Http://www.victoriataft.com