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Foreclosures, Housing & Recovery

We look at real estate now, the new foreclosure scandal, and what housing means for the recovery.

Realtor Dorothy Buse stands in front of a foreclosed home in Kissimmee, Fla., Oct. 6, 2010. (AP)

Housing – real estate – was at the heart of the great bubble. It’s been – right alongside joblessness – at the heart of the great bust.

People are struggling to keep their homes, to get out from under their homes. A tidal wave of foreclosures is sweeping through shell-shocked communities. And now, scandal has hit in the foreclosure process. There are charges that giant banks broke all the rules.

Foreclosures are being frozen. It may mean a moment’s relief but a much longer road to getting real about real estate.

We dive into American housing, the whole economy, and the value of a home.

-Tom Ashbrook

Guests:

Diana Olick, real estate reporter for CNBC.

Karl Case, professor emeritus of economics at Wellesley College and co-creator, with Robert Shiller, of the Standard & Poor’s Case-Shiller housing index. Read Karl’s “Reflections on the Housing Market” in verse.

Ivy Zelman, CEO of Zelman & Associates, a consulting group which focuses on the housing industry.

Allen Sinai, founder, chief global economist and president of Decision Economics, Inc.

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No campaigners celebrate as results come in at the Scottish independence referendum count at the Royal Highland Centre in Edinburgh,Scotland,Friday, Sept. 19, 2014. Scottish voters have rejected independence and decided that Scotland will remain part of the United Kingdom. The result announced early Friday was the one favored by Britain's political leaders, who had campaigned hard in recent weeks to convince Scottish voters to stay. It dashed many Scots' hopes of breaking free and building their own nation. (AP Photo/David Cheskin)

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Sep 19, 2014
No campaigners celebrate as results come in at the Scottish independence referendum count at the Royal Highland Centre in Edinburgh,Scotland,Friday, Sept. 19, 2014. Scottish voters have rejected independence and decided that Scotland will remain part of the United Kingdom. The result announced early Friday was the one favored by Britain's political leaders, who had campaigned hard in recent weeks to convince Scottish voters to stay. It dashed many Scots' hopes of breaking free and building their own nation. (AP Photo/David Cheskin)

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