President Obama's plan to reduce the number of foreclosed properties weighing down the housing market may only prove effective insofar as the greater U.S. economy is able to shake off its lethargy, analysts say.
A $15 billion initiative known as Project Rebuild, part of the American Jobs Act that Obama outlined before a joint session of Congress Thursday night, would put money toward restoring vacant and foreclosed properties. A fact sheet on the White House Web site predicts that the plan will spur job growth in the construction industry and result in the rehabilitation of "hundreds of thousands of properties in communities across the country."
But if Project Rebuild does anything to lift the housing sector out of its prolonged slump, it will only be in the context of a broader economic recovery, say experts.
"The housing market will recover with jobs," said Susan Wachter, a professor of financial management at the University of Pennsylvania's Wharton School of Business. "Only now, we don't have jobs growth."
Read the full story at The Huffington Post.
Hey Mr. President, How About Housing?
Low Mortgage Rates Are Great -- But Most Can't Qualify
Mortgage Mod Hell: Trapped Between Lenders, Collectors
The Mortgage Fix That Can Save the Economy
More on AOL :
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.