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The current real estate market is beginning to look more like an page from a continuing story of "It's a Wonderful Life." We went from most people owing homes to being foreclosed and little opportunity to buy back. It is like George Bailey helped us all buy homes but the rich Henry F. Potter has ruined the economy causing massive job losses and ultimately the loss of their homes. Mr. Potter is now buying up all those foreclosed home for pennies on the dollar. Mr. Potter is then renting these same homes, many back to their owners, at a rent far in excess of their mortgage costs.
The US became successful by putting money in the hand of the working people. Those people invested their money in their homes. Now we have the 1% swooping in like vultures picking the last bits of flesh from those that can't fight back. All this will do is put more money in Potter's pocket and reduce citizens to indebted servants.
Is this a good trend? Consider how many families are now homeless. One in six children go to bed hungry every night. The real unemployment rate is around 18%. The jobs that do become available are paid so little that most people still can't afford a roof over their heads.
Do you think the real estate market will ever come back under these conditions? You can easily see the effects on the economy when all the money is concentrated in the pockets of the few. What happens when the top 1% owned all the property?
Tennessee Ernie Ford, "I owe my life to the company store."
blame the federal reserve and its policy of easy money that made everyone (well those with no self-control) think they could own a home or one ten times the size they really need.
The current real estate market is beginning to look more like an page from a continuing story of "It's a Wonderful Life." We went from most people owing homes to being foreclosed and little opportunity to buy back. It is like George Bailey helped us all buy homes but the rich Henry F. Potter has ruined the economy causing massive job losses and ultimately the loss of their homes. Mr. Potter is now buying up all those foreclosed home for pennies on the dollar. Mr. Potter is then renting these same homes, many back to their owners, at a rent far in excess of their mortgage costs.
The US became successful by putting money in the hand of the working people. Those people invested their money in their homes. Now we have the 1% swooping in like vultures picking the last bits of flesh from those that can't fight back. All this will do is put more money in Potter's pocket and reduce citizens to indebted servants.
Is this a good trend? Consider how many families are now homeless. One in six children go to bed hungry every night. The real unemployment rate is around 18%. The jobs that do become available are paid so little that most people still can't afford a roof over their heads.
Do you think the real estate market will ever come back under these conditions? You can easily see the effects on the economy when all the money is concentrated in the pockets of the few. What happens when the top 1% owned all the property?
Tennessee Ernie Ford, "I owe my life to the company store."
The vase majority of foreclosures do not result in families becoming homeless. They do find somewhere else to go.
Actually, the Japanese went on their buying spree at the top of the market, which essentially sealed their doom when the market imploded.
When the government does very stupid things such as making massive intrusions into the real estate market for no remotely intelligent reason, lotsa folks are guaranteed to become filthy stinkin' rich.
There were plenty of warnings about the housing crash 8-10 years ago, but the politicians in DC refused to listen, or juist ignored them.
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