LA Home Prices Sink; Obama To Sidestep Congress On Housing Recovery

LOS ANGELES (CBS) — The White House said Tuesday that homeowners may need more help when it comes to housing prices in Southern California and across the nation.

KNX 1070’s Ed Mertz reports the housing slide continues to take a toll on homeowners throughout the Southland — many of whom are already struggling to pay their mortgage.

Property values in Los Angeles and Orange counties are down .4 percent month-to-month from September, according to the Case-Shiller Home Price Index, a drop that leaves prices down 3.5 percent overall from where they were in 2010.

And while some analysts are expecting a modest recovery in the housing market, Stan Lee with warned it likely won’t be a V-shaped rebound.

“Anyone expecting home prices to be substantially higher next year is deluding themselves,” said Lee.

Nationally, home prices fared slightly better, posting modest gains on average for the fifth straight month.

Meanwhile, the housing slump has emerged as a hot-button topic as President Barack Obama campaigns for a second term in 2012, and administration officials are suggesting he could use it to rally his support base.

Speaking to an audience in Nevada on Monday, Obama said “we can’t wait for aan increasingly dysfunctional Congress to do its job. Where they won’t act, I will,” the Daily Caller reported.

Deputy White House spokesman Josh Earnest told KNX 1070 Americans can expect the president to go around Congressional lawmakers when it comes to housing.

“The president is looking at taking some executive actions that he can put in place,” said Earnest.

More from Ed Mertz
  • Ray

    What is needed is for r. Obama to stop the EPA from killing more jobs with their nonsense regulations this is the only way to create jobs in the USA. He is only helping other countries not the one that he is the PRESIDENT of. It looks to me that he is only interested in one job only and that is his.

  • David Beaubien

    Obama must go around congress not through it.
    He must make executive decisions on housing, trade, heath care, to do what is needed for US citizens. To hell with the Republican party for trying to defeat Obama, at a cost to the US economy.

  • Big Deal

    Obama said on TV yesterday it is for Fannie Mae & Freddy Mack loans. This would help a very small audience. What about me ? Obama is pandering for votes again and I’m not buying it

    • David Beaubien

      Hello Big Deal.
      I do not believe he has done enough to help homeowners.
      However what have the Republicans done for you.
      They approved deregulation and permitted Wall Street and the Banks to have full access to ruin the market. They get the big bailouts, what have you gotten.
      Obama is fighting the same people who don’t want you to get any assistance.
      Do you support them or Obama.He needs the authority and votes to fix the problems. He is not the problem. He is fighting for you.

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