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He said that house prices had crept up over the last year, and that there had been significant improvement in new housing construction.
Mr. Bernanke said the numbers of foreclosures, while still too high, are declining as were the number of homeowners who are underwater, a term meaning they owe more on their mortgages than their homes are now worth.
He said the continuing improvement in the housing market would have a positive impact on the employment picture, both by directly creating more jobs in home construction and factories that make home goods, and also indirectly by improving peoples' sense of wealth
He said that house prices had crept up over the last year, and that there had been significant improvement in new housing construction.
Mr. Bernanke said the numbers of foreclosures, while still too high, are declining as were the number of homeowners who are underwater, a term meaning they owe more on their mortgages than their homes are now worth.
He said the continuing improvement in the housing market would have a positive impact on the employment picture, both by directly creating more jobs in home construction and factories that make home goods, and also indirectly by improving peoples' sense of wealth
The same Bernanke that said the housing market was peachy right before it collapsed??
He said that house prices had crept up over the last year, and that there had been significant improvement in new housing construction.
Mr. Bernanke said the numbers of foreclosures, while still too high, are declining as were the number of homeowners who are underwater, a term meaning they owe more on their mortgages than their homes are now worth.
He said the continuing improvement in the housing market would have a positive impact on the employment picture, both by directly creating more jobs in home construction and factories that make home goods, and also indirectly by improving peoples' sense of wealth
I haven't seen prices increasing in Chicago. They've remained about the same. Some have dropped slightly. There's not a ton of construction planned, the issue is more of filling the current buildings with tenants. Could mean home improvements though Maybe other cities are starting to see more construction. Haven't traveled much lately, any other posters know?
From his 2nd paragraph I wouldn't say that would signal a recovery. That would just signal things are slowing. But even if things are slowing, and bottom out, what is the plan to increase wages? Inflation has not slowed and gas prices have not slowed, so Americans will still be in the same predicament. Possibly even paying more taxes.
I don't see the improvement in the housing market having much of an impact on the employment picture. I haven't traveled much lately though. Maybe some cities are building a lot of new homes. Either way, a small improvement is still an improvement. I agree with him that it could improve communities though. When people have ownership of a home they take more pride in it. Better care. They're also less likely to leave a place short-term.
The Federal Reserve’s purchases of debt obligations were illegal
Background: Beginning in 2009, the Federal Reserve began buying nearly $1.5 trillion in obligations of Fannie Mae and Freddie Mac, both which were insolvent and in government receivership. The Fed justified these purchases by appealing to Section 14.2 of the Federal Reserve Act, which allows the Fed to purchase securities which are a “direct obligation of, or fully guaranteed as to principal and interest by, any agency of the United States.” Now, Ginnie Mae, the financing arm of the Federal Housing Administration (FHA) is a bona-fide government agency. So there would have been no legal problem if the Fed had purchased Ginnie Maes. In contrast, however, Fannie Mae and Freddie Mac were not, and are not, U.S. government agencies. Nor are the obligations held by the Fed “fully guaranteed as to principal and interest” by the U.S. government. At best, the obligations of these GSEs have implicit and informal backing, as any member of Congress will tell you, and simply taking a failing institution into conservatorship doesn’t confer government backing to its debt. In fact, the stop-gap measure enacted by Congress during the crisis only provides temporary backing for the obligations of Fannie and Freddie maturing by the end of 2012. Very simply, the Fed broke the law by buying Fannie and Freddie’s debt.
He said that house prices had crept up over the last year, and that there had been significant improvement in new housing construction.
Mr. Bernanke said the numbers of foreclosures, while still too high, are declining as were the number of homeowners who are underwater, a term meaning they owe more on their mortgages than their homes are now worth.
He said the continuing improvement in the housing market would have a positive impact on the employment picture, both by directly creating more jobs in home construction and factories that make home goods, and also indirectly by improving peoples' sense of wealth
When was uncle Ben ever right? He got all the info and surrounded by the "experts" and he cannot see the bubble and now he is able to see the bottom?
Just the strong hint of reigning in unrestrained government spending (aka Sequestration) is enough to drive the DOW higher. If you like this, imagine if spending were actually cut, as opposed to simply reducing the increase.
The same Bernanke that said the housing market was peachy right before it collapsed??
He's a good source.
My thoughts exactly. Why would anyone put stock in Bernanke's opinion?
Why did Obama re-appoint him after the crash he so thorougly failed to forsee?
In fact, why did Obama pick a Bush appointed Chairman for The Federal Reserve in the first place if he was so intent on "change"?
Who holds the real power here?
He said that house prices had crept up over the last year, and that there had been significant improvement in new housing construction.
Mr. Bernanke said the numbers of foreclosures, while still too high, are declining as were the number of homeowners who are underwater, a term meaning they owe more on their mortgages than their homes are now worth.
He said the continuing improvement in the housing market would have a positive impact on the employment picture, both by directly creating more jobs in home construction and factories that make home goods, and also indirectly by improving peoples' sense of wealth
I hope you don't believe this crap.
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Maybe other cities are starting to see more construction. Haven't traveled much lately, any other posters know?