While searching through the economy section of the WSJ online I found an article called Home Prices Declined at Record Pace in October by Sudeep Reddy. This article talked about the plummeting prices in the housing market as well as what the Obama administration might do to help out. Although the Obama administration hasn't outwardly stated what they were planning on doing the article says that current democrats are trying to pass measures that will allow homeowners to stay in their houses. Reading other articles the measures that the Democrats were trying to pass was allowing bankruptcy judges to alter mortgages to lower payments so homeowners could stay in their hoses instead of foreclosing. Also, while reading additional articles these measures that the democrats are trying to pursue are really being looked down upon by banks because they're the ones who have to incur this loss.
I was kind of interested in this article because I'm graduating here in May and am hoping to get a house shortly after that. Right now the housing market looks somewhat good to purchase a home however, the only problem especially for me is the job market. I'm kind of hoping the market begins to level out here in the next year, so when I go to buy a house it will be the perfect timing and I get a good deal. Also, with the plans Obama and Democrats are pursuing it should help out the situation as well as Bush's 4.5% mortgage rates. With both these plans it will hopefully improve the downturn in the market and begin to turn it around since the Obama plan targets current homeowners, thus lowering foreclosures and the Bush plan which helps out home buyers increasing interest in the market. With both these plans working in unison I think by the time I go to buy a home the market will be settling.
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