An EXCELLENT overview of HOW we got to HERE WE ARE! from USAToday. Dems and Repubs have pushed home ownership for their own agendas and real estate professionals should be educated and discussing these issues with clients and would-be clients and see past the deal of today.
Homeownership has changed. Not everyone graduating from high school, college or graduate school will be owning a home during their lifetime. Whether for mobility, cash flow or lifestyle, many Americans will not be able to Live the American Dream without a MAJOR OVER HAUL of the mortgage and regulatory industry.
http://www.usatoday.com/money/economy/housing/2010-08-11-housing11_cv_N.htm
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
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Wallace,
Wow, that's quite a reading. Thank you for the link. Looks like life will be changing dramatically, all things considered
I have read this somewhere in the past week and say again that this is one of the worst plans that could be forced upon the American public. I have visions of masses of Soviet architecture springing up across the country for those "low income renters".. translation: for everyone, because this liberal administration government doesn't want us to succeed.
Wallace - I wrote a post about some of this a few months ago. However, I think that the author has the gist of this correct but I think that what comes out will be part of an overall strategy that this administration will be putting in place that will change the way and where we live, work, shop, etc. The adminisration is working on a "sustainable communities" plan that will put all zoning and land use regs, at least urban, in the hands of the feds and out of the hands of the local governments. It is already using tax funds, such as gasoline tax, to direct municipalities to adopt its policies, I can see using Fannie, Freddie, FHA, tax credits, etc. to further that agenda.
I'd say about 1/2 the people in America were born to rent. They just are too irresponsible to own. Once the government or whoever tries to push home ownership levels much above that number, it is inevitable that a large chunk of foreclosures will follow.
Wallace,
While I believe that home ownership ought to be accessible to people and a viable option, there are many who are not desirous of it. :)
Steve