The Obama Recovery
“Obama recovery”
No. The housing markets were artificially inflated and had been for some time. Artificial programs, by Obama or anyon else, to restimulate housing are and have been counter productive. Housing needs to find a new natural bottom on its own, from which natural growth will be able to proceed.
If there is any failure by the Obama administration regarding housing it is that his attempts to make it better have only extended the time it has spent/will spend reaching the bottom it needs to find. Recovery and return to growth works best and in less time when government does not intervene in the housing markets to stop, prevent or slow the process of full unwinding of the previous housing bubble.
If we had not had the Obama attempts to stop and slow the natural decline in housing prices, the data now being reported might have been reported a year ago and we would be one year sooner to when the next housing recovery might start.
When the jobs reovery eventually returns, the median home price will have returned to a price a good many more people will be able to afford and new growth in housing will return without any direct stimulus for it.