The Campaign Spot

The Markets, Like Me, Waiting for Housing Market Details

The Dow is down 132 as I write this. Of course, this isn’t all just a reaction to Obama; the home sales data plunged even further than expected.

On CNBC, Santelli, Kudlow, and the rest of the crew just said the markets are waiting to see what the details are with Obama’s mortgage assistance plan, due March 4. They’re noting that house purchases usually take a while to complete, and so even if the details are what the markets want to see — i.e., a good method of weeding out those who have a reasonable chance to pay off the rest of their mortgage from those who bought way more than they could afford, and hoped to sell or flip quickly — it may take another two or three months before those home sales pick up again.

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