In the wake of a full week full of bad economic news, especially housing indicators, Secretary of Housing and Urban Development (HUD) Shaun Donovan appeared on CNNs Sunday morning news and interview program State of the Union . Host Ed Henry prefaced the interview with July housing numbers – a 27 percent decline in existing home sales and new home sales at their lowest levels since 1963 . “Many analysts,” Henry said, “believe that housing started this whole financial crisis. We saw some pretty grim headlines this week sparking some fears about a double dip recession.” He asked Donovan, what he could say to reassure Americans that this will not happen. Donovan said that the dip in house sales in July was not unexpected because it would mark the end of the homebuyers’ tax credit that had been…(read more)
News: HUD Secretary Tiptoes Around Another Tax Credit, Pushes Balanced Housing Policy