Housing Recovery should help Middle Class

CNNMoney informs MHProNews Federal Reserve Governor Sarah Bloom Raskin says now that the housing market is improving, middle class families who have not been able to take advantage of the low interest rates may now have that opportunity. Speaking at the Levy Economics Institute’s Minsky Conference, Raskin said, “As house prices rise, more and more households have enough home equity to gain renewed access to mortgage credit and the ability to refinance their homes at lower rates.” She said Federal Reserve research indicates a home price increase of ten percent could be sufficient to propel 40 percent of underwater homeowners into the black.

(Image credit: Joshua Scott/CNNMoney)

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