Why Housing Is Still Hindering the RecoveryQuicklink submitted by Lance Ciepiela Permalink
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|Although Obama won reelection, the vast majority of voters still say the economy is weak and not getting better. Policymakers in Washington are now focused on another type of debt -- the public debt all taxpayers owe -- but the slow economic recovery, which depresses tax revenue, makes that problem harder to solve. Nearly 11 million Americans, or more than a fifth of homeowners, are buried in debt, owing more than their properties are worth after piling their life savings into their properties -- a persistent and largely unaddressed problem that represents the missing link in what many economists consider the administration's overall strong response to the recession.|
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