If our government really - I mean really - wants to help the sluggish market to recover, I have a plan. Now, this will do nothing for the seriously overbuilt markets where there is simply too much available housing and some of it really needs to be surgically removed.
Here's my plan. The issue in so many markets is waning or no consumer confidence in real estate. From what people have been reading or told in the media, they should wait for prices to drop further, they're not going to be able to sell their home, they're going to have difficulty in financing another purchase, and a myriad of other issues.
The government can help in one very simple, and relatively inexpensive (especially compared to a trillion dollars) PR program. The NAHB ran a "Buy Now" campaign that met with some degree of success. The feds need to run a much bigger program. Hit all the media. Hit the talk show circuit. Do a total blitz with the message that it's OK to invest in housing, that loans are available, that you can sell your home for a reasonable (not inflated) amount.
Of course the government would have to believe that this is true, and that may be a larger issue.
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