The Political Bridge

Elizabeth Warren, Chair of the Congressional Oversight Panel, claims that the Housing Market is Getting Worse

Tech Ticker, October 16, 2009

There's been a lot of talk lately about a recovery in the housing market – even reports of bubbles re-inflating in certain markets.

Elizabeth Warren, chair of the Congressional Oversight Panel, isn't buying it.

"We see things getting worse in the housing market," Warren says, citing the pernicious effects of foreclosures, which rose 5% in the third quarter to a total of 937,840, according to RealtyTrac.

"The long-term impact of high foreclosure rates on our housing market and overall economy would be disastrous," Warren warns, citing estimates that 10 to 12 million U.S. homes could ultimately go into foreclosure. "

The Rural Blog: The Possible Undereporting of Rural Foreclosures

The Rural Blog, October 16, 2009

 U.S. efforts to reverse the housing crisis may not be correctly considering rural foreclosures. "A company called RealtyTrac provides some of the most widely followed statistics on home foreclosures, but it fails to report on more than 900 rural counties," Scott Finn of West Virginia Public Broadcasting reports for National Public Radio. Critics say failing to include these counties promotes the myth that there is no foreclosure crisis in rural America.