CNBC commentary questions housing market 'crisis'
Turn on the TV or open a newspaper, and you are likely to find a story about the housing "crisis." You'll hear that sales and prices are down, foreclosures are up and the market is in a recession.
A recent commentary by Dennis Kneale on CNBC's "Business Nation" put the housing market in perpective, explaining that the downturn is a "needed market correction after years of rising prices and easy lending."
Kneale presents hard numbers to show that the housing market is far from a crisis. He explains that only two percent of U.S. households are in foreclosure. "The crisis is only in a few states - California, Florida, Nevada Arizona - places where prices soared the highest. California has more foreclosures than 40 other states combined," Kneale says.
In addition, Kneale believes that a correction in selling price will help jumpstart sales. To see the entire CNBC commentary, click here.