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FBN’s Gerri Willis on the White House’s latest plan to help homeowners who are underwater.
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-- good news from housing.
Prices increase more than expected in October.
That's according to S&P case Shiller and here's the breakdown.
The SP Case Shiller Index of property values into when he cities increased four point 3% from October of last year to this year and that is the biggest gain.
Since may 2010.
Look at this map in Phoenix alone prices are up 22%.
-- with a down market.
To trade up 10% they were having trouble -- -- Minneapolis up nine point 2%.
San Francisco up -- earned eight point 9% that is.
Big gains in important markets now I know some of you -- thinking that these gains are coming in the wake of huge priced -- drops.
I get -- that's true but today's news means the market is moving in the right direction as some of the hardest hit markets in the country.
Like I've been saying for months look the housing market is recovering.
Interest rates remain a bargain basement lows prices still are robust and now well that looks like a lot of consumers are taking advantage of the perfect storm.
So that makes it -- more curious that the Obama administration is calling for an expansion.
Of the federal government's involvement in the housing markets.
Unbelievable.
-- the administration is proposing.
Is a bailout a bailout for homeowners who are underwater that is they owe more than the house is worth.
Even if -- want hasn't backed by the ailing mortgage giants Fannie Mae and Freddie Mac Obama wants to extend US hand.
Hold up here because I believe this is a recipe for disaster.
If you're tax -- That's biggest one in five homeowners in this country are under -- that's 22% of us.
If all of these people were to -- government backed loans the government would be doubling down its role as cheap housing finance here.
More risk more debt all of the backs of taxpayers.
Already Fannie Mae and Freddie Mac have required a 180.
Billion dollars in bailout money your money and this would do more the -- Now to be sure not all homeowners would likely try to get in on the deal but the government's record of fixing the housing market -- poor.
As we've set -- many times on this program doubling down would simply be a -- recipe for disaster.
What is it my mom told -- time as the great healer and in the case of housing well that's doubly true.
