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September 6, 2010
The New York Times is reporting that some economists think the “delay and pray” tactics of the federal government to prevent foreclosures and housing price reductions is just making the recovery that much further away. They say it is best to stop intervening and let the market collapse.
“As the economy again sputters and potential buyers flee — July housing sales sank 26 percent from July 2009 — there is a growing sense of exhaustion with government intervention. Some economists and analysts are now urging a dose of shock therapy that would greatly shift the benefits to future homeowners: Let the housing market crash.”
For other related stories on NYC housing prices, click here.