For Democrats vying for the U.S. Presidency, the housing crisis offers a chance to put forward a compelling message about the failures of the Bush Administration to regulate the banking and mortgage industry, says a Democratic delegate to the convention, who’s also the Attorney General of Ohio.
Nothing like kicking off the week with a dose of really grim news.
Nouriel Roubini, professor of economics at New York University, did just that on Tuesday morning at the Reuters Housing Summit with his thoughts on just how dire the real estate market looks right now and how tough it’s going to be for homebuilders for the rest of the year.
The current housing crisis presents challenges for U.S. mayors that few elected officials have ever faced before. Rising foreclosures destabilize neighborhoods and families and can lead to higher crime, Douglas Palmer, Mayor of Trenton, New Jersey, told the Reuters Housing Summit on Tuesday.
The worst housing market in the United States right now is in Sacramento, California, according to Radar Logic’s director of research Jonathan Miller, whose analytics business produces a daily “spot” price for residential real estate in major U.S. metropolitan areas, or MSAs.
Ratings agencies sued over their role in the the subprime mortgage crisis won’t be able to hide behind free speech protections guaranteed by the U.S. Constitution, because they played an active role in structuring loan assets, attorney Salvatore Graziano told the Reuters Housing Sumit on Tuesday.