In celebration of many kids completing their first week back to school, we are giving out our own report cards:
Going Green: A
A bright spot in the midst of the recession and housing crisis is that many have taken this opportunity to go green. From more walkable communities to building more energy-efficient housing and commercial developments, never before has the nation shown such a vested interest in creating sustainable communities and, in turn, a more livable world. In commemoration of the 5th anniversary of Katrina we also tip our hat to New Orleans, the city has especially embraced eco-friendly housing as they continue to rebuild.
Mortgage Crisis: C
The good foreclosure starts and inventory and seriously overdue loans were down from the first three months of the year, according to the Mortgage Bankers Association. Areas of improvement are with loans between 30 days and 60 days late whose trends had increased. If this trend is left unchecked it could reinflate the foreclosure pipeline. Overall, some improvement has been made but there is much more to work on, as Fed Chair Bernanke pointed out.
The Fed: Incomplete
It may be too soon to grade Federal Reserve Chairman Ben Bernanke’s speech this morning on what the Fed is prepared to do to support economic recovery. Of note, Bernanke remarked the central bank was on standby to act if needed and the Federal Open Market Committee was also ready to provide additional monetary support, even through “unconventional measures,” if necessary.
Image: Make It Right’s 1st home built in New Orleans’ 9th Ward, given to 68-year-old grandmother Gloria Guy, via usatoday.com