Monday, March 8, 2010
Let them fall
While defaults on homes rise (people are now just walking away from mortgages they can't afford), the Obama administration continues to burn through billions of taxpayer dollars to prevent the unavoidable. I say that if the government wants "affordable" housing as they have been telling us for decades, then let housing prices fall and stop blowing through tax payer funds in an attempt to buy votes by looking compassionate. Does anybody else notice that being "compassionate" with other peoples' money is far too easy for politicians?
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3 comments:
Home ownership has become the American nightmare. The mortgage industry has unnecessarily essentially inflated the cost of homes across the United States. If there were not such thing as a home mortgage, do you think a house would cost 100K+?
We need to change the culture in America with regards to home ownership. We need to have people put at least 20% down (I plan on 100% for my first home) and we need to make sure that the mortgage isn't longer than 15 years. Although I see no reason for the government to push this on the American people, I'm sure that the free market would do this if the government backs off.
What Obama is proposing will only keep the cost of housing artificially high at the taxpayer's expense and at the expense of younger workers like myself who are trying to build the American dream.
I think the best thing that can be done for the housing market is to lower taxes across the board on both property and income. Mainly this would help create jobs which is the single biggest problem with the economy as a whole including the housing market.
Why should another person's irresponsible behavior be rewarded? Once people get the idea that if enough others tank with them they will get bail out then this type of behavior will become more common. Home ownership is not a right.
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