Obama Targets Foreclosures With 'Project Rebuild'
President Obama's plan to reduce the number of foreclosed properties weighing down the housing market may only prove effective insofar as the greater U.S. economy is able to shake off its lethargy, analysts say.
A $15 billion initiative known as Project Rebuild, part of the American Jobs Act that Obama outlined before a joint session of Congress Thursday night, would put money toward restoring vacant and foreclosed properties. A fact sheet on the White House Web site predicts that the plan will spur job growth in the construction industry and result in the rehabilitation of "hundreds of thousands of properties in communities across the country."
But if Project Rebuild does anything to lift the housing sector out of its prolonged slump, it will only be in the context of a broader economic recovery, say experts.
"The housing market will recover with jobs," said Susan Wachter, a professor of financial management at the University of Pennsylvania's Wharton School of Business. "Only now, we don't have jobs growth."
Read the full story at The Huffington Post.
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