Search
 

Housing Recovery Plan Called Into Question

NEW YORK CITY-With mortgage rates and home prices at record lows, the commercial real estate industry is divided over whether President Obama’s mortgage overhaul and fraud task force will help—or hurt—housing.

By Jacqueline Hlavenka | Updated on January 31, 2012

NEW YORK CITY-Just one short week ago, President Barack Obama called for “no more red tape” and “no more runaround” from the banks, offering homeowners the chance to save about $3,000 a year on their mortgages by refinancing at historically low rates. But with mortgage origination and home prices nearing bottom, the commercial real estate industry is divided over whether the President’s plan and new Financial Fraud Task Force will help—or hurt—the already troubled housing market.

“To get into these massive banking crises and massive recessions, the typical answer is to re-inflate the economy, which is what they are doing, and there’s noting wrong with that until a point,” says Joel Ross, president of New York City-based Citadel Realty Advisors and GlobeSt.com blogger. “At some point, you lose control of it potentially. If you keep re-inflating and re-inflating for too long, it feeds on itself.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.