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This discussion is an hour and a half. The Vice President for Economic Policy here, and thank you all for coming. Its an interesting time for the Housing Market. We could have said that anytime in the last five years but things are changing a bit, after more than five years of decline, markets around the country seem to be doing somewhat better. Home prices are going up. And foreclosures are at a fiveyear low. On the other hand, were still suffering from a serious overhang from the crisis. More than four million households have lost their homes through foreclosure. This is, of course, been very bat for families and communities and bad for state and local budgets. On top of that. Home price declines wiped out roughly 7 trillion in household wealth. And left more than 10 million families underwater on their mortgages. In particularly hearterrity communities lice leaves more than half the home owners are underwater and many by half of their homes value. This is creating significant proble

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