Stopping Foreclosures

Here is some good news from The WSJ.  “President Barack Obama took his pitch for the economic stimulus plan to one of the nation’s hardest hit communities Tuesday, winning the endorsement of Florida’s Republican governor and the cheers of a raucous, adoring crowd. 


Without giving details, the president suggested that his plan would “design a system where the banks recognize it’s in their interest to avoid foreclosure.”


The session here was his second town hall meeting in two days focused on the dire economy and his plan to jump start it back to life.  He chose an area that is a poster place for the foreclosure crisis. According to data distributed by the White House, the Fort Myers area had the highest foreclosure rate in the nation last year, with 12% of housing units receiving a foreclosure-related notice, and with an inventory of 20,000 foreclosed homes. Median home prices have fallen from $322,300 in December 2005 to $106,900 in December 2008, the White House said.”