Patt Morrison

<em>Patt Morrison</em> is known for its innovative discussions of local politics and culture, as well as its presentation of the effects of national and world news on Southern California. Hosted by

Is the cure for the housing market letting it crash?

by Patt Morrison

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The debate is on about whether to continue efforts to rescue the housing market or let it collapse entirely Joe Raedle/Getty Images

1 in 10 mortgages in the United States are at least one payment behind and July 2010 housing sales are down 26% from sales just one year ago. Are the multitude of programs that the Obama administration has rolled out to prop up the ailing housing industry actually helping, or is it high time to let go and let the market completely fall? From tax credits to mortgage modifications, practically every lever of government assistance as been pulled to help keep homeowners, facing default or foreclosure, in their homes and paying their mortgages. Even with billions of dollars in spending, housing prices continue to fall, new home constructions have essentially ground to a halt and foreclosures continue unabated. California alone is responsible for 14.7% of all foreclosures in the second quarter of this year. Clearly homeowners still need desperate help, but are they beyond saving?

Guests:

Stuart A. Gabriel, Director of the Ziman Center for Real Estate at UCLA and Professor of Finance at the UCLA Anderson School of Management

Steve Goddard, President of the California Association of Realtors

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