One of the least-noticed failures of the Obama administration centers on the series of attempts to revive the housing market through government intervention programs.
At least three attempts by the White House to aid those facing foreclosure during the housing crisis had very little impact. Yet, now that the real estate market is reviving, President Obama is disingenuously taking credit for the upturn.
The White House earlier this week put out a lengthy summary, state by state, detailing improvements in the market and suggesting that federal programs were partially responsible for the turnaround.
What’s also a bit disturbing is the curious timing. Though the housing market has been rising over the past year, the White House chose Tuesday for this press release -- at the same time when the president surely had better things to focus on: the crisis in Syria, immigration reform, a possible budget deal, and the potential of a Republican-induced government shutdown.
Meanwhile, the president’s PR staff was busy pumping out nonsense like this: “3,463 homeowners in Michigan have received (mortgage) principal reduction in conjunction with their HAMP (Home Affordable Modification Program) modification, with a median principal reduction of more than $40,000 per homeowner.”
What they don’t mention is that there are approximately 2.8 million homes in Michigan.
Earlier this month, Obama announced yet another series of programs to help homeowners refinance their mortgage or take other steps to avoid foreclosure. At this point in the housing industry's upward cycle, it’s hard to believe these efforts will have any noticeable impact.
Nonetheless, the press release celebrates the jump in Michigan home prices and building permits and the substantial drop in foreclosures.
Great. My home’s value is certainly much higher than in 2009. But don’t tell me that Barack Obama made that happen.
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