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What’s He Been Reading?

RNC Communications - June 2, 2011

Obama Housing Secretary Talks About Increasing Home Prices The Day After Home Prices Fall To Mid-2002 Levels

SHOT: HUD Secretary Said His Reading Of The Data Leads Him To “Expect To Start Seeing A Sustained Recovery” In The Housing Market And Increased Home Prices. “[HUD Secretary Shaun Donovan] also said that a slight uptick in job creation and the slowing pace of foreclosures should lead to an increase in home prices after drastic declines brought on by the bursting of the real estate bubble. ‘My reading of the data and where we are is I’d expect to start seeing a sustained recovery later this year, not next year,’ Donovan said. ‘But obviously there are lots of variables.’” (“HUD: Banks’ Implementation Of Mortgage Programs Lax,” The Salt Lake Tribune, 6/1/11)

CHASER:  Home Price Data “Indicated A Clear Double-Dip For Housing” As Home Prices Fell To Mid-2002 Levels. “S&P/Case-Shiller home-price data indicated a clear double-dip for housing, as a tax-credit-induced bump last year was erased and national prices fell back to mid-2002 levels.” (Phil Izzo, “A Look At Case-Shiller, By Metro Area,” The Wall Street Journal’s Real Time Economics, 5/31/11)


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