How low can the economy go here? Connecticut Senator Chris Dodd and state housing advocates will discuss that when they meet Tuesday for an ever so cheery conversation about the struggling economy and the affect it is having on our state.
Housing figures released this month show home sales nationwide have dropped the most in two decades. Officials say that prices are declining at a pace that hasn’t been seen since the Great Depression.
Last month, existing home sales were down more than 8 percent and the median home sales price in Connecticut has fallen more than 13 percent in 2008 to $181,300.
Dodd is chairman of the Senate Banking Committee, which has oversight of the banking industry, and he has been working with Treasury officials on stimulus packages for banks and the auto industry.
Dodd has endorsed President-elect Barack Obama's proposal for a 90-day moratorium on home foreclosures. He also plans to offer more legislation to boost the nation's ailing economy.