One of the least-noticed failures of the Obama
administration centers on the series of attempts to revive the housing market through
government intervention programs.
At least three attempts by the White House to aid those
facing foreclosure during the housing crisis had very little impact. Yet, now
that the real estate market is reviving, President Obama is disingenuously taking
credit for the upturn.
The White House earlier this week put out a lengthy
summary, state by state, detailing improvements in the market and suggesting
that federal programs were partially responsible for the turnaround.
What’s also a bit disturbing is the curious timing.
Though the housing market has been rising over the past year, the White House
chose Tuesday for this press release — at the same time when the president surely had
better things to focus on: the crisis in Syria, immigration reform, a
possible budget deal, and the potential of a Republican-induced government
shutdown.
Meanwhile, the president’s PR staff was busy pumping out
nonsense like this:  “3,463 homeowners in
Michigan have received (mortgage) principal reduction in conjunction with their HAMP (Home Affordable Modification Program) modification, with a median
principal reduction of more than $40,000 per homeowner.”
What
they don’t mention is that there are approximately 2.8 million homes in
Michigan.
Earlier
this month, Obama announced yet another series of programs to help homeowners
refinance their mortgage or take other steps to avoid foreclosure. At this
point in the housing industry’s upward cycle, it’s hard to believe
these efforts will have any noticeable impact.
Nonetheless,
the press release celebrates the jump in Michigan home prices and building
permits and the substantial drop in foreclosures.
Great.
My home’s value is certainly much higher than in 2009. But don’t tell me that
Barack Obama made that happen.