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Home prices have fallen 9.3% in 2008, causing the National Association of Realtors to ask Congress for housing relief via a new stimulus package that Congress may be posing during the lame duck session coming up in a week.
Drop In Home Prices May Be Good For The Economy
So while the realtors are pushing for relief with the stimulus package, it may be detrimental to the overall economy. Housing prices falling means that houses are coming back into the realm of the correct prices.
Over the past 8 years housing prices have climbed to unreasonable levels, and finally we’re seeing the market adjustments we need to get housing prices back to realistic levels.
We need to see housing prices fall significantly, then we’re going to see a spike in consumers looking to purchase homes again.
So in the interim, the Congress does need to issue a stimulus package, but it should be driven towards Consumption, not to tide dropping housing prices, because dropping housing prices is going to lead to more home purchases in the future, and less future mortgage foreclosures.
