Quote of the day – The housing market may never recover

Howard Glaser, a Clinton-administration housing official and consultant whose clients include the National Association of Realtors, offers this cheery note to the New York Times:

The administration made a bet that a rising economy would solve the housing problem and now they are out of chips. They are deeply worried and don’t really know what to do.

If home prices begin to fall again with any serious velocity, borrowers may stay away in such numbers that the market never recovers

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