As the nation struggles through a housing crisis, President Obama happens to be vacationing in an area of the country shielded from plummeting home sales.

The National Association of Realtors reported this week that the sale of existing homes fell by 27.2% in July, marking the biggest one-month drop ever recorded. Sales of single-family homes fell to their lowest rate in 15 years.

But with a median housing value of $1,097,469 in July of this year, Chilmark, Massachusetts is a cocoon of certainty amid an uncertain real estate market. Chilmark is where the president has been staying while on Martha’s Vineyard; an island unto itself as Massachusetts’ state-wide home values average a mere $366,721 in comparison. The national average is $235,429.

In fact, Dukes County, where Martha’s Vineyard is situated, is the only county in the state where single-family housing sales are up. State home sales are down 28% for July.

The president's Treasury-backed housing program, which sought to help three million people endure the housing crisis, has in fact only helped about 460,000 so far.

Federal Reserve Board Chairman Ben Bernanke admitted as much Friday in a speech at an economic symposium in Jackson Hole, Wyoming. “Household finances and attitudes also bear heavily on the housing market, which has generally remained depressed. In particular, home sales dropped sharply following the recent expiration of the homebuyers' tax credit.”

While recognizing obtaining a mortgage is still a difficult prospect for some, Bernanke sees a glimmer of positivity. “Going forward, improved affordability--the result of flower house prices and record-low mortgage rates--should boost the demand for housing,” he said.

The Martha’s Vineyard housing market may be solid, but the island’s retail industry has been hurt. Todd Rebello, owner of local tee-shirt store, The Locker Room, tells Fox. “Economically, it was a difficult summer retail. Same thing across the country, we're feeling it here in retail. Lot of people but people are really cautious with their spending.”

That’s not a surprise to Moody’s Analytics economist Mark Zandi, “You know, I think everyone is nervous; from lower income households to upper income households; from Martha's Vineyard out to the bay area of California; across nearly every industry,” he says. “You know we've been put through a lot. We suffered a very severe financial shock-- a great recession-- and people don't forget that very easily.”

Although island businesses may hope for a boost from the presidential visit, the Martha’s Vineyard’s housing market is humming along just fine on its own.

http://politics.blogs.foxnews.com/2010/08/27/obama%E2%80%99s-vacation-spot-sheltered-housing-storm?test=latestnews

Wow, god forbid somsome interrupt his golf game!

it would be awful if "somsome" did intrrupt his golf game.
Pick a side. do you want more government or less? don't critique the president about how he should be doing something about the housing market but then complain about how the "government" is taking away your rights.
great job of cutting and pasting a crappy fox news story!
kudos.
but MY favorite part is when you decided to add your own comment at the end and screwed it up.

I guess it makes you feel good to personally attack someone? Pretty sad.

it's not a vaction, it's Ramadan, a holy time for mulims. he will be back after his prayer time is over.

how many presidents have gone to marthas vineyard, in fact, how many successful LAWYERS or AUTHORS visit places that are in economic troubles?

what does one expect? the world doesnt STOP spinning or demand that others spend their every moment worrying and stressing about the ills around them,,,,good grief

Being Obama has taken more vacations at this point in his Presidency then any other President in the same time period in office.

Every President deserves a little vacation now and then.
Pretty soon it will be back to work. Count on it.

Ummmm, not as many Vacations has Obama Bin Laden has taken as a Senator and President.

Cant wait til he's on permanent vacation!!

That will be in 2012.

according to whom ?

When it came time to unwind, Obama relaxed with six vacation trips that spanned all or part of 32 days. In 2009, he took four vacations over 58 days, according to Knoller.



Read more: http://www.nypost.com/p/news/national/president_obama_year_in_numbers_gmxQqJMk9n4XBqb3OzBsnN#ixzz1APONTf8Q

THATS A TOTAL OF 10 vacations over 90 days his first TWO YEARS,,

President George W. Bush spent even more time away from the presidential mansion in the nation’s capital than Reagan. Of the 77 total "vacation" trips the former president made to his Texas ranch while in office, nine of them — all or part of 69 days — came during his first year as president in 2001, according to Knoller.

Read more:
http://www.factcheck.org/2010/01/president-obamas-vacation-days/


THATS NINE Vacations in the BUSH first year (compared to OBAMAS four),

THATS 69 days in his FIRST YEAR( compared to OBAMAS 32 days)

now, to be EQUAL or lesser, we must believe that in Bush's second year he spent only 21 days or less( 69+21=90) or ONE vacation (9+1=10)

which we all know is HIGHLY unlikely

Obama is irrelevant.

his vacations certainly are,,but it makes for good press,,lol

This whole country is screwed.It won't matter what anyone does.Soon our debt will be more than the country is taking in.Obama and our Government might as well just shut down the Capital and put a giant foreclosure sign on the white house.This country is bankrupt and fewer people are caring about the welfare of this once great country.They just want to sit back,milk every last dime from our Government,then pack up and move to some other country to do the same thing.


It won't be soon before food prices skyrocket.Record shortages of grain and food products due to weather and other problems will cause everything to go sky high.Oil and gasoline are both expected to climb back into the $5.00 gallon range this summer.


This is all bible prophecy coming true.Instead of two bags of grains for a penny you will get charged two penny for one bad of grain.Israel is on the brink of nuclear destruction(which the bible said would not be destroyed).Wars and rumors of Wars are happening as we speak,our nation taking God out of everything and supporting immoral causes,the increasing death rate and persecution of Christians overseas.

Not true but some don't seem to care huh?

You have facts...and then you have the lot of you...