DODD STATEMENT ON RECORD DECLINE IN HOME VALUES AND CONSUMER CONFIDENCE

WASHINGTON, DC – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement on the historic decline in home values as recorded by the Case-Shiller index, which measures home values in 20 metro areas across the country, and the record drop in consumer confidence as surveyed by the Conference Board:

“This data shows that the housing crisis continues to worsen, reducing home values across the country and potentially forcing millions of homeowners into foreclosure.  With Americans holding the bleakest view on record of our economic future, there is no doubt that the effects of the housing crisis are reverberating throughout our economy.

“The housing legislation now before the Senate will not only address plummeting home values but also seek to lift consumer confidence by addressing the root cause of our economic problems.  Today’s data underscores the urgent need for this legislation to be adopted by the Senate, taken up and adopted by the House of Representatives, and signed into law by the President.”

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