… I don’t see “become a landlord†anywhere the the federal government’s enumerated powers.
Until the Federal Government stops trying to “fix†the housing market, recovery is going to be delayed. EVERYTHING they do injects uncertainty, fear, concern and uncertainty into the economy and housing market.
This stuff matters to the Charlottesville real estate economy, not so much because we have a vast backlog of foreclosures (I don’t think it’s vast) but because the housing economy, driven my national policies and lending and processes – real estate titling, real estate financing, robosigning, consumer sentiment is national. The national “# of home sales” are mostly irrelevant, but the systems are national.
But what do I know?
Naked Capitalism has an excellent analysis with this telling summation:
Despite its efforts to muster data, this Fed is badly blinkered by the fact that it operates inside a club. Anyone who has done research in areas where the data stinks (and it does in the housing arena) will tell you you have to do primary research, but economists are allergic to that (Nobel prize winner Wassily Leontief found that less than 0.5% of the articles published in top economics journals were based on data developed by the authors). The Fed is unduly influenced by the view of people who are part of the problem, and it shows in this paper.
