The U.S. Census Bureau reported this week that 18.9 million out of the nations 130.6 million homes are now vacant. The Obama Administration was quick to claim victory claiming that this new data represents clear proof that the president’s plan to stabilize the U.S. housing market is working beyond anyone’s expectations.
“At this rate, our banks will have successfully foreclosed on a full one third of all of the homes in the country by 2014. We didn’t think we could get this many people bankrupt and on the street during the president’s first term,” said Treasury Secretary Tim Geithner. “With this kind of success under our belt, we may even try to kill a few million more jobs this calendar year, in stead of waiting until next year as we had originally planned.”
