The program features what I consider to be four of the top economists and analysts in the housing industry. Two of the folks I have followed for many years. These are solid people.
The housing industry outlook in light of the most recent claims of alleged fraud in processing foreclosure documents (and the expiration of stimulus tax credits) appears to be extremely dim. There might be no appreciation before 2014 and perhaps beyond.
The moratorium on foreclosures by several national banks is spinning out of control in an election year. It will have a negative effect on housing and economic recovery. There is no telling the outcome.
Related to the fraud allegations, in some cases a single bank officer signed up to 10,000 foreclosures in one month! I never cease to be amazed at the lack of professionalism in the banking and construction industry. It remains in a huge mess that will take many years to remedy!
I was quite surprised that part of the discussion focused on the long-standing tax deduction for mortgage interest as a candidate for repeal to increase tax revenue and reduce the deficit!!! This is amazing.
America is in for some big changes during the next ten years!
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