Page 7 - Housing Values News Today

Trillion of household wealth in the last 17 or 18 months. 7 million homes in foreclosure. 8 1/2 million jobs have been lost. retirement incomes have declined by 20%. housing values declined by 30%. this mornings news obviously about goldman-sachs. here we are 17 months after someone broke into our house, in effect, and robbed us and we still havent even changed the locks on the doors and we need to get it done. >> interesting thing is you have senator shelby sitting next to senator dodd, many pe...

Talk about it. were not there yet. i would hope we could get the votes tomorrow when we have this motion to proceed, to start the debate. again, i think richard and i have a pretty good understanding of where we are in these matters. we cant take care of everything in the bill. obviously our colleagues want to be heard. weve lost almost $11 trillion of household wealth in the last 17 or 18 months, 17 million homes in foreclosure, retirement incomes have declined by 20%. housing values decline by...

Truth and trying to say, what do we need to do to get america back on track? an america that creates jobs that competes successfully with that and -- with china and india and allows to afford to pay for things because we are earning the money. this is going to require for bigger changes than any politician is going to talk about. >> greta: is florida different than other states, high percentage of people who are retired, they are not making income, they are living off savings. also a lot of the ...

Period of talking, telling the truth and trying to say, what do we need to do to get america back on track? an america that creates jobs that competes successfully with that and -- with china and india and allows to afford to pay for things because we are earning the money. this is going to require for bigger changes than any politician is going to talk about. >> greta: is florida different than other states, high percentage of people who are retired, they are not making income, they are living ...

>> yeah. i think they think its more acute. there is another problem that you layer on top of this. that is that this program could be a victim of its own success. if, in fact, you have that many people who buy in. who participate in the program, it could actually exacerbate the very problems that its trying to fix just as the first program did. so, you know, it may actually solve the short-term problem and exacerbate the long term problem which really, i think, could have a negative impact on t...

Exacerbated since then. >> yeah. i think they think its more acute. there is another problem that you layer on top of this. that is that this program could be a victim of its own success. if, in fact, you have that many people who buy in. who participate in the program, it could actually exacerbate the very problems that its trying to fix just as the first program did. so, you know, it may actually solve the short-term problem and exacerbate the long term problem which really, i think, could hav...

Getting pounded and you hear about european money coming in, brazilian money coming in, it obviously is looking for a place to park cash and a lot of the guys, in fact, real estate do pay cash. so, short-term, at least, as we sort this out, that could be a boon, right? >>guest: of course. it will drive up the housing values in some of the markets and housing values have been going way, way down but this investment seems to suggest that housing values are back on the rise or they will be faster t...

Of these problem loans. which in the near term might mean less of a house price declines, the housing market wont get hit as hard by these distressed sales. but down the road, of course, when these homes do go to market, it will put pressure on housing values. the bottom line is, it means that the -- this is going to take a lot longer to work through this nightmare that weve been in. >> and as if we needed anything to add to the nightmare. i want to read everyone out there the statement that cam...

The 1990s was working about 100 hours a year more than he was working two decades before. women were working more hours as well. then strategy three, when these first two strategies wore out, strategy number three was to go deeper and deeper into debt. which seemed easy in the last seven or eight or ten years. before the great recession. housing values were going up. you could use the house as collateral and you could basically have your own private atm. so this enabled them to continue to spend...

Were going to be meeting the day, in fact, later today to talk about it. were not there yet. i would hope we could get the votes tomorrow when we have this motion to proceed, to start the debate. again, i think richard and i have a pretty good understanding of where we are in these matters. we cant take care of everything in the bill. obviously our colleagues want to be heard. weve lost almost $11 trillion of household wealth in the last 17 or 18 months, 7 million homes in foreclosure, retiremen...