The presses are hot with housing news today:
At a Glance After the record dive in home sales, Richard Florida says prices won’t rebound for a while. HuffPost says less than .1% of mortgage modifications in President Obama’s foreclosure plan involve principle cuts (for background, here’s how loan modifications work). Fannie Mae is locking out homeowners who strategically default to avoid foreclosure. And the Fed leaves interest rates unchanged – is it a bad sign for economic recovery?
New Poor Under Attack, cont. More evidence that desperation opens the door to deception – NY AG Cuomo cracks down on deceptive “Mortgage Rescue firms.”
Talk About Smart Growth Kaid Benfield says smart land use could reduce pollution and bring down household costs (he’s got some convincing numbers). It’s Wall Street Greed vs. the World for Al Gore, who charts the path to Sustainable Capitalism, or making money while growing smart, in a Wall Street Journal op-ed. Plus, Slate argues parking regulations are just subsidized driving.
Ending Homelessness Plan, “Opening Doors” to criticism, at Change.org at least. NLCHP wants to expand the definition of “homelessness” in the Federal Plan. And the White House’s Melody Barnes gives her take on the plan (including video of Tuesday’s announcement, in case you missed it).
“Who Caused the Crisis?” Debate Business Insider argues 25 years of mismanagement at Fannie and Freddie started the fire.
Have Your Cash and Live In It, Too The “Homeownership, Huh! What is it Good For” debate continues, as Matt Yglesias questions the value of putting too much stock in one financial asset.