More News
- Page Two
- News Links
Anarchives
Radio/TV
- Declare Your Independence with Ernest Hancock
Letters To Editor
- List of Letters
- Write a Letter
Join Us
Marketplace
- Buy Stuff - Sell Stuff
- Store on CafePress.com
Special Editions
RSS Feeds
About Us
Log-In

Make a Comment • Email Link • Send Letter to Editor

IPFS News Link • Housing

Mike Whitney: The Real State of the Housing Market

04-22-2010 • CounterPunch.org

"The trouble of course is the higher end, over $400,000 where investors can't buy with all cash and the mortgage market is closed. Zelman cites a 45 month supply of homes between $400-600,000. “Unfortunately, the government is ignoring the higher end of the market, and ignoring higher end borrowers who may be in trouble due to unemployment. Jumbo loans are excluded from the federal mortgage bailout." (Diana Olick Realty Check, CNBC) 45 months? 4 years to sell a mid-priced home? That's a lifetime! And how about this nugget about Bank of America via Housingwire: "Bank of America is considering a special program for unemployed borrowers that would offer as many as nine months of no mortgage payments while they hunt for a new job."

Read Full Story

Reported By Jack Gregson

Make a Comment • Email Link • Send Letter to Editor