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If anyone was fortunate enough to have history talks with their grand parents or great grand parents who lived it, you would find most all did not own a home back then and often lived two families in a home the size of a two car garage.
There was a scam on people saving by giving them zero interest on their money in the bank.
Then the loans went out with very low interest rates allowing home prices to bubble to outrageous heights.
Government didn't care, they get higher property taxes and because they are stupid working in government, they budgeted like this would last forever.
We have a spending problem in government for sure and their fiddling with loans and homes hasn't done the American people any favors and left many with no savings that thought they were ready to retire.
We actually agree on this topic. This has to be the first time I've ever agreed with you on ANYTHING. Will wonders never cease....
Yeah and them so called "experts" say the recession ended two years ago... give me a break.
But housing prices are still largely overinflated, people's incomes are dropping and are cutting back on spending. They simply can't afford these homes. But yet, "experts" insist that higher and higher prices are a good thing.
Home Ownership Levels at New Lows - The Daily Beast
The scars of the Great Recession are showing on the housing market, as experts say the consumer price index numbers to be released Tuesday will show home ownership has declined to 1998 levels.
Yay! Back in 1998, a much higher fraction of homeowners could actually afford to live in their homes and pay the mortgage.
Word to the wise: a return to 1998 levels is not "New Lows."
We no longer have a homeownership rate driven by liars loans and a national policy of lending money to people who could not repay. It's a good thing.
We have a spending problem in government for sure and their fiddling with loans and homes hasn't done the American people any favors and left many with no savings that thought they were ready to retire.
Yes. Government has no business subsidizing home loans. That is not a valid government function.
Government interference is the sole source of the housing meltdown.
I see the "Righties" are still complaining about the difficulty of the U.S. climbing back from the unbelievably disastrous BUSH RECESSION?
The BUSH ECONOMIC DISASTER is a gift that just keeps on giving ... and giving.
Have we forgotten to thank YOU for giving him TWO TERMS?
What happened to the Geithnner plan promised after election to solve the housing crisis. That's right;the private /government plan went out the door with the auto bailouts which investors took the haircuts for the unions benefit. Bnaks could wait to get rid of governamnt loans and now even the automakers see the merit in that it seems.
20% of homes in Florida are vacant....that is not going to be a market that recovers. Drive through most of the state, you will see ghost towns. This is not a matter of recovery. Supply is overwhelming, housing devalued the most since 1930. There arent enough people in the next 15 years to even out a market that bad.
Nearly 20% of Florida homes are vacant - Yahoo! Finance (http://finance.yahoo.com/news/Nearly-20-of-Florida-homes-cnnm-2507768369.html?x=0 - broken link)
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