Home Prices Are Dropping Again as the Markets Head Toward a Devastating "Double-Dip"
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The backdrop to this tragedy is the utter failure of the political establishment to tackle the crisis and help people remain in their homes. The inspector general overseeing the bank bailouts released a report this week blasting the administration's attempts to mitigate the foreclosure crisis, saying that programs "designed to help Main Street rather than Wall Street" have been “anemic.” By 2013, analysts predict that between 8 and 13 million homes will have gone into foreclosure during the meltdown; the administration's signature relief program, known as HAMP, has resulted in just 800,000 loan modifications, according to Market Watch.
We have long been sold on the idea that owning a home is an integral part of the American Dream. We've been told we live in an "ownership society." And yet at a time when a record 2.9 million American homes are in foreclosure, and things appear to be getting worse, our leaders in washington aren't even talking about it.
Joshua Holland is an editor and senior writer at AlterNet. He is the author of The 15 Biggest Lies About the Economy (and Everything else the Right Doesn't Want You to Know About Taxes, Jobs and Corporate America) . Drop him an email or follow him on Twitter .