Housing Market Recovery - Or Is It?

Guest: Jim Carr

Guest: Jim Carr

Foreclosure numbers are down. That should be good news, and in some cases it is. But it’s not all rosy. In some states, like Florida for example, foreclosure numbers are actually going up.

In this interview with Jim Carr from The Opportunity Agenda, he shares concerns about the housing market “recovery” and delves behind the headlines to explain some of the latest news, including:

· How a lot of foreclosures are being replaced by short sales, which may bring the banks more money, but may not be the best thing at the community level. That’s because neighborhoods may move from being owner occupied to renter occupied.

· Why the most recent foreclosures are happening to people who were doing everything right, including getting stable thirty-year fixed-rate loans.

· The big problem: people are still not buying homes and in part that’s because they can’t get the loans they need to buy homes. It’s often too difficult to get financing, and why we need to make fixing that problem a top priority.

· Misconceptions about the housing crisis; for example, the foreclosure crisis was not due primarily to low down payments but rather that many mortgages were designed to fail.

· The Home for Good Campaign: what it is and how you can make a difference.

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About My Guest

Jim Carr is a housing finance, banking and urban policy consultant. He is also a Senior Fellow with the Center for American Progress and Distinguished Scholar with The Opportunity Agenda. Previously, he served as Chief Business Officer for the National Community Reinvestment Coalition where he managed minority- and women-owned business centers in Washington, DC, New York, NY, and Houston, TX that assisted their clients to access more than $1.8 billion in capital and $350 million in federal contracts during his tenure. He’s been interviewed by numerous media outlets including CNN, MSNBC, Fox News, and PBS and has testified before Congress.

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