First, we learned that Ben Bernanke’s childhood home went into foreclosure (no Mom and Pop Bernanke were not the current owners). Then, the AP wrote about Tim Geithner’s New York home, which is currently being rented at a rate likely too low to cover mortgage payments.

And now the Wall Street Journal is reporting Federal Deposit Insurance Corp. Chair Sheila Bair is suffering through this housing market as well. Her home in Amherst Massachusetts—where she was once a professor—was listed and then pulled off the market.

Read More “Sheila Bair Is Latest Obama Official Suffering in Housing Downturn” »

Tim Geithner…Out on the town it appears

First, we learned that Ben Bernanke’s childhood home went into foreclosure (no Mom and Pop Bernanke were not the current owners), and now the AP’s reporting that Tim Geithner’s New York home is also suffering through the usual downturn tribulations. Read More “Even Tim Geithner is Getting Crushed in this Housing Market” »

The big news from this morning was Federal Reserve Chairman Ben Bernanke’s hearing. Before the Joint Economic Committee this morning, he testified that recovery is on the horizon, likely starting late this year. Here’s what Bernanke had to say about the housing market, according to a transcript posted online.

The housing market, which has been in decline for three years, has also shown some
signs of bottoming. Sales of existing homes have been fairly stable since late last year, and sales of new homes have firmed a bit recently, though both remain at depressed levels. Although some of the boost to sales in the market for existing homes is likely coming from foreclosure related transactions, the increased affordability of homes appears to be contributing more broadly to the steadying in the demand for housing. Read More “Bernanke: “Signs of Bottoming” in the Housing Market” »