Housing industry problems dragging down economy Atlanta Journal Constitution
Yet the moribund housing industry — and the record number of foreclosures tied to it — have been critical factors in perpetuating this weak economy.
“Housing is the story,” said Dean Baker, co-director of the Center for Economic and Policy Research. “We lost 6 percent of the GDP and we need something to replace it, and we’ve got nothing to replace it.”
Housing prices have fallen nationally to 2003 levels. In Atlanta, homes have lost a decade of gains. That has left many homeowners “underwater” — owing more than their home is worth. Meanwhile, new construction has dwindled to a trickle.
About the only surge has been in foreclosures. The combination of subprime and other questionable mortgages, and massive layoffs left millions of homeowners unable to make their payments.
Many economists believe that a plan for recovery that doesn’t confront the housing crisis may be just tinkering around the edges.
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