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Realtors Don't Like Obama Foreclosure Plan

While President Obama's plan to have the federal government help expedite the conversion of some of the country's many foreclosures into rental properties has its supporters, The National Association of Realtors is not one of them. Seems the nation's real estate agents (and their rather powerful political arm) see foreclosures as being absorbed by the market quite nicely, and told the world so. Only after the predictable blow-back did they ratchet down their criticism, admitting federal assistance could move things along in the states with court-run foreclosure processes. Some pretty notable economists (like Mark Zandi) agree. [WSJ]