Court jester economist for power Mark Zandi tried to pull a fast one by readers of the Washington Post, by actually making the argument, in the face of all evidence to the contrary, that the Obama Administration successfully fixed the foreclosure crisis. He has to make a mental leap in order to do this, claiming [...]

The hopes of recovery continue to be dashed by the reality of the nation’s sagging housing market. Home prices fell sharply in the first quarter of 2011, the largest drop in three years. What you see is that the homebuyer’s tax credit propped up the market slightly (although not enough to increase prices; prices have [...]

At a press event in North Portland in front of the home of a family struggling to avoid foreclosure, Senator Jeff Merkley unveiled a six-part plan to fix the housing market and rebalance the relationship between borrower and lender. The plan includes what Merkley calls “lifeline bankruptcy,” which is basically the cramdown proposal to allow [...]

Foreclosures reached a record in the second quarter and now are starting to move into the million-dollar home market. Existing-home sales in July dropped to their lowest point since 1996, with new home sales even worse (the worst month since 1963). The housing market is reeling, and the Administration is fully aware of that fact. [...]