Monday the Obama administration issued it’s October Housing Scorecard, which provides data and charts to show where the administration believes the housing market is. They issued a press release with the following summary:
The latest housing figures show continued signs of stabilization in house prices and high home affordability due in part to record low interest rates.
In response to the scorecard, Doom has done one of it’s own. We have a different take on the housing market. Consider the following data: [With links to sources.]
[O]ne-third of the unemployed have been out of work for more than a year, something that hasn’t happened since the Great Depression. Twenty percent of those unemployed today have college degrees, and 4.5 million Americans have taken withdrawals from their 401(k) accounts to stay afloat.
[F]oreclosure notices will have been sent to more than 3.5 million homes by the end of the year, an increase of 26 percent over the 2.8 million homes in 2009 and nearly five times the comparable 2006 number.
Obama’s “scorecard” gives no letter grade, but the administration appears to be giving itself at least a “pass“. Doom is going to have to go with “fail“.