Archive for the ‘economy’ Category

No Housing Recession in Oklahoma – With Commentary on the National Mortgage Problem from Ernest Istook (Updated)

April 3, 2008

Update: See Ernest Istook’s article in Human Events, published March 27th, Mismanaging the Mortgage Mess:

Bad decisions travel in pairs. Worse, they sometimes travel in mobs.

Consider how government is overreacting to our mortgage mess — proving the adage that nothing is so fouled-up that Congress can’t make it worse:

• Taxpayers could be hit with a $300 billion-plus tab to help homeowners who filed false loan applications as well as those just struck by bad luck.

• Mortgage rates could go up and their availability go down if Congress rewrites laws to shift the losses from individuals to companies — which will want to recoup those losses through stiffer terms for future borrowers….Continue Reading >>

Original Story, 3/25/08:

According to Tammy McCullar, president of the Oklahoma Association of Realtors (OAR), the Association’s leadership team moved to create the “Good Thing You’re in Oklahoma” campaign in response to some of the national media reports about the U.S. housing market:

Real estate is local, and Oklahomans are not buying or selling their homes in a national housing market. Our ‘Good Thing You’re in Oklahoma’
campaign is designed to present the facts about the Oklahoma housing market, which
remains an affordable, stable and secure source of value as a long-term investment.

Wilson Research Strategies:

Despite the National downturn, the Oklahoma housing market has been solid in 2007, increasing an average of over 1% in value per month over the course of the year. Oklahoma had another strong year in the housing market, with home values increasing by 5.6% in 2007. Oklahoma finished 2007 with the third highest number of homes sold on record.

Lisa Yates, CEO of OAR was quoted in the Oklahoman:

“Half of the people don’t say the market is excellent or good. But it is good, and in some parts it’s excellent,” Yates said. “Extrapolating, half the people in Oklahoma don’t have a very positive view of the housing market.”

And that, she said, casts an emotional cloud over Oklahoma housing that is at odds with price increases and only a slight drop in sales.

In other words, people are spooked unnecessarily, she said.

According to Ernest Istook, former Congressman from Oklahoma, the national economy might not be exactly some Democratic political candidates may have their constituents believe, according to a blogcast he did with the Hertage Foundation, yesterday. Listen below to what Istook, and Heritage Foundation economists think the government can and should do about this.

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