Housing’s Lost Decade

Financial columnist Craig Steiner sounded off on Townhall that conventional housing has far from recovered. He says recent headlines are an effort at media spin, just before the election, to make it sound like housing is on the rebound. Its not. The chart shows the reality of home prices. Steiner says of CNN‘s and other reports, “It’s saying that we’re back where we were almost a decade ago.” Steiner said, “We’re pretty much just bumping along the bottom, and we’ve been doing that for the last three years under the bad policies of the Obama Administration and the Federal Reserve. We’ve lost a decade in the housing market. And the housing “recovery” hasn’t made any progress since the recession technically ended. And with a huge over-supply of houses that still need to be foreclosed and dumped on the market, it’s unlikely prices will rise significantly any time soon.” Rephrased, prices have “recovered” to 2003 levels, so we have lost a decade.

(Graphic credit: Townhall Finance)

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