01 Feb 2008 Are We There Already?
Posted at 16:11h in The Friday BriefThe title of last week’s Brief “It’s Not That Bad” rubbed a few of our readers the wrong way. It was insensitive at best to those in the real estate industry and I apologize.US mortgage foreclosures are set to top 1 million this year and home prices are falling at the fastest pace since the Great Depression. In the real estate industry it is that bad. While there is still mixed thought on whether it will drag the economy into recession, more industry leaders and economists are calling for dramatic government action. They say we need significant fiscal (tax cuts and relaxed mortgage rules) and monetary stimulation (further Fed rate reductions).