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Transcripts For CNNW Erin Burnett OutFront 20111024

economy. housing in america. if we don t fix it more downgrades of our economy are coming. the president rolling out some changes to his tenth housing plan today in one of america s hardest hit cities, las vegas. if you meet certain requirements you will have the chance to refinance at lower rates which could save you hundreds of dollars a month and thousands of dollars a year on mortgage payments. in a nutshell the plan increases the number of home owners eligible to refinance. now the administration says it would allow more of the five to seven million under water home owners who are still current on their mortgage payments to refinance. the administration is pushing for a rate of about 4% for those refis. we had two key questions. one, will the plan increase housing prices? well the chief economist of real estate website zilo told us even if the plan is fully implemented and everything is perfect prices for homes may not rise. that was not the answer we were hoping for

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