John Ensign: “without a doubt, the collapse of the housing market is at the root of the economic crisis we are facing in our country.…”

“without a doubt, the collapse of the housing market is at the root of the economic crisis we are facing in our country. Every single American is being affected by this. A few short years ago in Nevada, housing prices were through the roof. If you were in the market for a home, you had to act quickly and you had to plan on being in a bidding war. For a while, it seemed there were more realtors and mortgage brokers than blackjack dealers in Las Vegas. The housing storm blew through many communities in our country at high force, and the aftermath has been brutal. If you do not live in an area with a lot of foreclosures, let me describe the situation. You drive home from work to find one home--or maybe several homes--in your neighborhood with a dead lawn. That is the first sign. Then the 'For Sale, Bank Owned' sign pops up on the lawn. But the most painful part is when you find out how much the foreclosed home down the street from yours is going for. It is part of the reason consumer confidence is at such an all-time low. When you find out that the biggest investment you personally have, the property that gives you leverage in this economy, is worth less than what you bought it for, it creates a sense of panic. Much worse off are the people who have lost jobs, have been unable to pay their mortgages, and soon found themselves losing their homes.”