We look at real estate now, the new foreclosure scandal, and what housing means for the recovery.
Housing – real estate – was at the heart of the great bubble. It’s been – right alongside joblessness – at the heart of the great bust.
People are struggling to keep their homes, to get out from under their homes. A tidal wave of foreclosures is sweeping through shell-shocked communities. And now, scandal has hit in the foreclosure process. There are charges that giant banks broke all the rules.
Foreclosures are being frozen. It may mean a moment’s relief but a much longer road to getting real about real estate.
We dive into American housing, the whole economy, and the value of a home.
Diana Olick, real estate reporter for CNBC.
Karl Case, professor emeritus of economics at Wellesley College and co-creator, with Robert Shiller, of the Standard & Poor's Case-Shiller housing index. Read Karl's "Reflections on the Housing Market" in verse.
Ivy Zelman, CEO of Zelman & Associates, a consulting group which focuses on the housing industry.
Allen Sinai, founder, chief global economist and president of Decision Economics, Inc.
This program aired on October 11, 2010.