Of course, the primary industry that is hurting, and the industry that started the economic meltdown, has been the banking, mortgage, and real estate industry.
The Obama real estate plan has attempted to subsidize mortgage interest rates so that payments are capped at 31% of household income for troubled borrowers. More than 55,000 homeowners have received modifications, which should have led to significant stabilization of the national real estate market. And after initially pledging $75 billion to this project, the administration has announced that it is expanding the program to include more borrowers.
"These are critical steps in stemming the foreclosure crisis and stabilizing the housing market, both of which are critical to our economic recovery," said Treasury Secretary Tim Geithner.
During the week of May 14, homes in danger of foreclosure jumped 32%, however.
Even the administration offering an $8,000 tax break to new home purchasers, and the consequent monetization of that tax credit, i.e, allowing the tax credit to be used as a portion of a down payment, the stimulus plan has had little effect on the housing market.
HomeGain.com surveys Realtors as to their outlook (both nationally and regionally) on the housing market. The North Carolina market outlooks were recently posted on HomeGain.com's blog.
With all of this stimulus activity, 39% of Realtors disapprove of Obama's job performance.
Now of course, that lack of support could be the result of racism, or it could come from a simple realization that not only is the stimulus not helping either the general economy or the housing market. Obama's supporters will assert the first.
But which is more likely?