The Fed on Housing

Mr. Griffey got neutered today.  We picked him up at 5pm, and he’s been staggering around like a drunk all night, feeling the after-effects of the anesthesia.   Hopefully he’ll feel better tomorrow and won’t need to wear the cone on his head…
Anyway, one thing I found worth mentioning today:  the FOMC’s minutes, re: housing, via CalculatedRisk:
“Moreover, the recovery in the housing market appeared to have stalled in recent months despite various forms of government support. Although residential real estate values seemed to be stabilizing and in some areas had reportedly moved higher, housing sales and starts had leveled off in recent months at depressed levels. Some participants saw the possibility of elevated foreclosures adding to the already very large inventory of vacant homes as posing a downside risk to home prices, thereby limiting the extent of the pickup in residential investment for a while”
Key word:  “DESPITE.”  Just imagine what happens when the “various forms of government support” stop…

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