Keep builders in business
USA TODAY, April, 2008 by Jerry Howard
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Notice we haven't been hearing much lately about a soft landing for the economy. Growth has slowed to a crawl, and economists remain fixated on the possibility of more hair-raising developments in the financial system as it grapples with the hardest challenges seen in generations.
At the epicenter of the turmoil is an erosion of housing far exceeding the typical cyclical downturn. Home sales have been hit by a ferocious mortgage credit crunch and a wave of foreclosures. Average home values have continued to decline, further testing the stamina of major financial institutions.
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The contagion has become so widespread that Federal Reserve Chairman Ben Bernanke has urged Congress to join him in arresting this deterioration before it grows entirely out of hand. Bernanke recently told Congress it is urgent to stabilize home prices and bolster their value by supporting new lending and home buying and limiting foreclosures.
So ...
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