Distressed properties are often vacant and in disrepair, and thus sold at significant discounts. As the share of distressed sales grows, home prices fall.
Mark ZandiYes. I don't think it would be appropriate at this point to raise taxes on anyone, certainly not in 2011.
Mark ZandiToo-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.
Mark ZandiI only have two things in my life, my family and work. If there's any time left over, then I play sports.
Mark Zandi