Hillary Clinton Statement on the Fall in Home Sales

1/28/2008 -- "Tonight President Bush will claim that the state of our union is strong. But as the latest housing data shows, the true state of the union is one of economic anxiety.

"The latest housing data shows that 2007 marked the first time in recent history where America has experienced a sustained annual drop in median existing home prices. In fact, according to some economists, America hasn't experienced a sustained annual decline in housing prices of this magnitude since the Great Depression.

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"This dramatic decline in home sales is sending ripples across the economy. Construction-related employment is weakening and families' finances are increasingly strained. In order for us to truly jumpstart our Economy, we must address the housing crisis.

"Simply put, in order to bring our nation's financial house in order, we need to begin with housing itself. That is why my economic stimulus plan calls for $30 billion in assistance to states and communities to help them fight foreclosures. I have also called for a 90-day moratorium on subprime foreclosures and a five-year freeze in rates on subprime adjustable mortgages."

Source: Hillary Clinton campaign