Your president is in Phoenix today to talk about housing -- and trying to fix the massive housing crisis, which is another disastrous by-product of the Bush presidency. As you can see from
the post below, the situation isn't getting any better. It's getting worse. Here's an excerpt from Obama's prepared remarks:
The plan I’m announcing focuses on rescuing families who have played by the rules and acted responsibly: by refinancing loans for millions of families in traditional mortgages who are underwater or close to it; by modifying loans for families stuck in sub-prime mortgages they can’t afford as a result of skyrocketing interest rates or personal misfortune; and by taking broader steps to keep mortgage rates low so that families can secure loans with affordable monthly payments.
At the same time, this plan must be viewed in a larger context. A lost home often begins with a lost job. Many businesses have laid off workers for a lack of revenue and available capital. Credit has become scarce as the markets have been overwhelmed by the collapse of securities backed by failing mortgages. In the end, the home mortgage crisis, the financial crisis, and this broader economic crisis are interconnected. We cannot successfully address any one of them without addressing them all.
He's right. It's just unfortunate and disturbing that the Republicans don't want to address any of these crises in a responsible or realistic manner.
Phoenix has been particularly hard hit by the
housing crisis:
Last year, a record 40,000 Valley homes were foreclosed on. Foreclosures and foreclosure sales drag down home values, which is part of the overall collapse of the area housing market.
Home building has slowed to a crawl. More than half of metro Phoenix's home sales are foreclosure homes being resold for bargain prices. The median sales price of an existing home fell to $136,000 in January, down 49 percent from the peak in 2006.
You'd think with numbers like that the Senators from Arizona would be out front trying to solve this crisis. Wrong. You may also recall that Arizona's senior Senator wasn't even sure how many homes he owns when asked that simple question back in August.
People of Arizona shouldn't expect any help from McCain or their other Senator, Jon Kyl, a real Neanderthal. They won't even be at Obama's event, although both were invited. McCain is still spending his time bitching about Obama:
McCain, Obama's defeated Republican rival, and Sen. Jon Kyl, R-Ariz., on Tuesday staged what might be termed a "pre-buttal" to Obama's visit.
Both GOP senators vigorously opposed the president's economic-recovery plan. They said it is too much wasteful Washington spending and contains the wrong kinds of tax breaks. But they acknowledged Arizona is hurting from the housing crisis and suggested that Obama's trip to the state is not only appropriate but also overdue.
"Of course, the first question that needs to be asked is why didn't the stimulus package address the housing crisis when home values are at historical lows and foreclosures at historical highs?" McCain asked during a news conference with Kyl at Arizona State University's New College campus in the West Valley.
Actually, a better first question is why McCain and his GOP allies let this crisis happen in the first place. McCain is in no position to attack Obama (although the pundits will love it.) Why would anyone want any input from the Republicans, including McCain, who endorsed and enabled the economic calamity foisted upon us by George Bush.
McCain and the GOP own the housing crisis affecting so many Americans -- even if McCain doesn't know how many houses he owns.
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