Obama’s housing chief: Now’s the time to buy
If you missed Sunday’s “State of the Union” HUD’s chief Shaun Donovan made a very bold statement… He summarized that housing prices have hit rock bottom and the economic climate is prime to purchase a home. This is great news for investors and buyers alike.
In his interview Donovan said declining foreclosure rates make him hopeful, adding that it is “very unlikely we see a significant further decline.”
“Housing is more affordable than it’s been in a generation,” Donovan told CNN Chief Political Correspondent Candy Crowley. “I think it is a good time, long time to become a home owner because it’s so affordable today compared to where it’s been for generations.”
With 1.3 million homes in foreclosure, Donovan said he recognizes the frustrations of the American people but added that housing prices have largely stabilized following the “most serious crisis we’ve had in housing since the Depression.”
“Foreclosures are coming down. They’re down about 40 percent since last year,” said Donovan, who joined President Barack Obama’s Cabinet in 2009. “So, we are making progress, but rightly, the American people recognize we’re not where we need to be. We still have a ways to go.”
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Talk to you tonight!
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