Is housing to blame for the economy?
FOX Business posed this question to Zillow’s CFO, Spencer Rascoff and Chip Cummings, Northwest Financial Group President. They also discuss the failed bailout and its intended impact on the housing market.
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I think it’s lose credit overall–not just limited to easy mortgages. Many consumers have too many credit cards, push up huge balances or finance a big screen tv (etc) and then would rely on appreciating home values to refinance their debt. This isn’t working anymore. I really believe this issue is much larger than mortgages.
Americans will really feel the pinch when they go to refi their home that they feel is worth $400k but the neighbors identical home that went back to bank just sold for $250k.
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Housing is to blame for driving the economy into a thriving status as it is to blame for its decline….housing is a leading indicator of an economy.
Responses (2)