New York Times (April 27)
The U.S. remains locked in a “deep and broad recession.” Every major housing trend indicates “a market that is likely to decline even more.” More specifically, house prices in 20 major cities fell to April 2009 levels, their lowest yet, based on the latest Standard & Poor’s/Case-Shiller home price report. Moreover, a Census Bureau report shows that “new home sales in March remained near their lowest levels since records were first kept in 1963.” An “all-out effort” is needed to put people back to work and stop foreclosures, but this looks unlikely. “Without a healthy housing market, there cannot be a healthy economic recovery.”
http://www.nytimes.com/2011/04/27/opinion/27wed2.html?partner=rssnyt&emc=rss
The U.S. remains locked in a “deep and broad recession.” Every major housing trend indicates “a market that is likely to decline even more.” More specifically, house prices in 20 major cities fell to April 2009 levels, their lowest yet, based on the latest Standard & Poor’s/Case-Shiller home price report. Moreover, a Census Bureau report shows that “new home sales in March remained near their lowest levels since records were first kept in 1963.” An “all-out effort” is needed to put people back to work and stop foreclosures, but this looks unlikely. “Without a healthy housing market, there cannot be a healthy economic recovery.”
http://www.nytimes.com/2011/04/27/opinion/27wed2.html?partner=rssnyt&emc=rss
Tags: Economy, Foreclosure, Recession, U.S., Unemployment
Boston Globe (September 28)
Harvard is still reeling from the recession. When its endowment plunged in value, the university doubled its debt load to fund operations. Harvard’s debt soared to $6 billion over the past 3 years. According to the Globe, “Harvard is maxed out on debt for the foreseeable future. In order for the university to keep its AAA bond rating, its usual way of financing buildings, borrowing from investors, is effectively off the table.” Projects, such as the $1.4 billion Allston science facility project, are now being halted as Harvard look for ways to cut costs.
