According to Reuters, Treasury Sec Geithner says "housing will only stabilize as more HOMEOWNERS become RENTERS again." These comments were made in a response to questions regarding the Administration's HAMP * Home Affordable Modification Program * which has failed to curb the tide of foreclosures around the country. Geithner seems to be saying that too many Americans own their homes which BAD for the country.
http://www.reuters.com/article/idUSTRE65L6J420100622?type=politicsNews
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous
Don't even get me started on this!!!!!!!!! I see you are also up late. If that is the feeling ....it is even more clearly understood where we all stand! Mind as well hand the keys over to another country!
My business is GREAT if more homeowners become renters; however, that does disturb the concept of neighborhood and the pride of ownership which I believe is important if rental property owners are not well educated
Wallace....I've always been a firm believer that not everyone should own a home....and because during the Clinton administration banks were deregulated making it possible (and very easy) for anyone to own a home, we are now in this mess....some should own and other should rent.
There are those who probably should rent but it would be nice if our Government were on the same page as us in the trenches. A statement like that does not seem to make sense to me. I would think they would support the ownership that would generate more taxes. It truly seems like they are trying to stop people from buying.
http://www.freerepublic.com/focus/f-news/2542758/posts
Michael Barone has said almost the same thing * DIFFERENTLY.
Randy * investors pay taxes and in MANY instances, they pay HIGHER taxes without homeowner exemptions
It wasn't wrapped up with......the "government" will be the new landlords?
The owners of rental property pay the taxes on the property, often times higher taxes then a homeowner, true enough. But a person who can afford to purchase a home should do so. It's a great investment over the long haul. Better even then the stock market for most people.
By the way the HAMP program hasn't cured the housing ills in this country, but it has none the less saved 10's of thousands from certain foreclosure, thus slowing the avalanche of mortgage failures.
Government as landlords has already failed with public housing so I suspect private investors will continue to be the norm
People gotta live somewhere!
I learned on the Discovery Channel that 1/4 of all mammals are bats. I seem to see them in rentals more than I do owned properties. Bats gotta live somewhere!
Jay * many of my tenants are BATS and only contact me at NIGHT!!!
Wallace- I could easily pick out the 3 rental properties on my street based upon the way homes are cared for. If only more homeowners hired a good prop manager like you then it would be ok for the economy. Right now these eyesores with overgrown yards and 4 cars parked in the driveway are not helping my value. Who wants to live next to a rental in a nice subdivision when they could avoid it?
Wallace,
That Geitner is one smart economist - not. He is one of the major reasons we having a lagging economy. :)
Steve