If you’re stuck in an overpriced home with an overloaded mortgage, you better walk away now before your neighborhood turns into a public housing project.  As I predicted back in December 2007, the Obama administration is planning on converting foreclosed homes into public housing for the poor and needy.

WASHINGTON – The Obama administration, in a major shift on housing policy, is abandoning George W. Bush’s vision of creating an “ownership society’’ and instead plans to pump $4.25 billion of economic stimulus money into creating tens of thousands of federally subsidized rental units in American cities.
The idea is to pay for the construction of low-rise rental apartment buildings and town houses, as well as the purchase of foreclosed homes that can be refurbished and rented to low- and moderate-income families at affordable rates.
Gee, I wonder what this plan will do for home values in surrounding neighborhoods to have a public housing project smack near your home.    At this point, might as well have the government buy up these homes and save them for the next hurricane systems.   All the government needs to do is bus people from the gulf coast to Nevada, California and Florida; no need to spend $70,000 on trailers.