CNN's Christine Romans looks at latest news on existing home sales and median home prices, showing momentum in housing market.
How is it that Christine Romans can talk about the housing recovery as if it were simply the work of the market freed from government interference? At the end of the this piece, she says "Don't screw it up, Washington." Don't low interest rates have something to do with the recovery and isn't that Fed policy? On the CNN broadcast she this morning she referred to the housing market as one area the government has stayed out of (and that's why we are seeing a recovery?). Really. Leave your political attacks on government out of the commentary or acknowledge what the government does that influences this kind of growth in home sales. The problem that created the Great Recession was related to government policy (too little regulation, to little attention to assets to back loans), but it was the private sector that mounted up the huge debt based on fictional accounting and acceptance of untenable risk. I'm gald the housing market is recovering and that builders can get back to work. That will drive a lot of recovery in other areas, too, and that's great news if it can continue (interest rates will rise at some point). Let's just stop attacking either the government or private sectors and start working together.
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"Early Start with John Berman and Christine Romans" airs weekdays from 5-6am ET on CNN. Check in regularly for news, show updates and a little bit of fun.