Thursday, September 9, 2010

Around the Block: Apple Pie Edition

Staying Afloat In the ongoing effort to stave off further damage to the housing market and to continue recovering from the mortgage crisis the Department of Housing and Urban Development (HUD) awarded an additional $1 billion in funding on Wednesday, September 8. This funding was allocated among all states along with a number of counties and local communities struggling to reverse the effects of the foreclosure crisis. This grant represents the third round of funding through HUD’s Neighborhood Stabilization Program (NSP), which is designed to provide emergency assistance to targeted state and local governments to acquire, redevelop or demolish foreclosed properties.

The Great Debate Tyler Cowen believes housing prices need to fall in order for the housing market to recover, but can’t see how we can let them. While David Leonhardt believes that housing prices have fallen as much as they can, or as he so aptly put it “the bubble seems mostly deflated.”

Reexamining the American Dream Last week’s controversial Time magazine cover story took a critical look at homeownership and how, why, and even if it should be considered part of the American Dream anymore. David Indiviglio, of the Atlantic, responds to the Time article by examining what defines the American Dream. He concludes only three criteria need to be met to qualified as “American Dream” material: capability, versatility, and essentialness. In Indiviglio’s opinion, homeownership fails to meet any of the criteria mentioned.

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