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Real Estate Recession Far From Over

Published Thursday, October 01, 2009

The belief that the real estate recession is almost over has become widespread, especially because federal authorities want the electorate to think their remedies are succeeding. But I am much less optimistic than views coming out of Washington and the media. The reasons primarily involve real estate. The housing industry has been hit by a double whammy. The first blow was excessively risky and often fraudulent home mortgages. These included subprime mortgages requiring no down payments, no verified income estimates by borrowers, and low teaser rates that jumped up sharply. These foolish documents all assumed more home price ...

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