Page 24 - Housing Data News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Because the news that keeps coming out day after day after day, foreclosures, and now this g.d.p. downgrade. downgraded by 50%? i mean, that was a stunning figure. >> well, it certainly was. and joe biden has put the obama administration in not a great spot. the president certainly has a credibility gap on this issue. just look at the facts. you know, stimulus, it has been helping. it's just not helping fast enough. and as you said, we saw housing data, poor jobs data. the terrible g.d.p. revision. and the president is going to have to find a way to fine tune his message on this because it's n...

G.d.p. downgrade. downgraded by 50%? i mean, that was a stunning figure. >> well, it certainly was. and joe biden has put the obama administration in not a great spot. the president certainly has a credibility gap on this issue. just look at the facts. you know, stimulus, it has been helping. it's just not helping fast enough. and as you said, we saw housing data, poor jobs data. the terrible g.d.p. revision. and the president is going to have to find a way to fine tune his message on this because it's not looking good for him. he is looking disconnected and it's certainly not looking good for...

G.d.p. downgrade. downgraded by 50%? i mean, that was a stunning figure. >> well, it certainly was. and joe biden has put the obama administration in not a great spot. the president certainly has a credibility gap on this issue. just look at the facts. you know, stimulus, it has been helping. it's just not helping fast enough. and as you said, we saw housing data, poor jobs data. the terrible g.d.p. revision. and the president is going to have to find a way to fine tune his message on this because it's not looking good for him. he is looking disconnected and it's certainly not looking good for...

Prices are down about 30%. the average rate on a 30-year fixed rate mortgage is less than 4.5%, a 50-year low. >> there couldn't be a better time to own a home, you just have to look at it as a long-term investment. >> reporter: yet americans are hesitant to take the plunge. because of concerns about job security and the difficulties of securing a loan. the housing figures are just the latest in the continuing barrage of bad economic news for the obama administration. with the president on vacation, vice president biden assumed the duty of defending the administration's economic policies. >> w...

This storm. >> there is oil than the surface, dribs and drabs, a lot of oil was spilled but it's still there in small quantities. and it's changing, weathering and that makes it into tarballs. and there's that gooey change. and in the storm that will be continue to be on the shore. >> reporter: there could be more tarballs coming but in terms of major oil spill coming back to the shores they are take it's not going to happen. we'll keep you posted on developments throughout the day. rick: rick, thanks so much. jenna over to you. jenna: over at the business desk we're always taking a look at so...