Tue, 13 Nov 2012, 2:01am PST
Probably a bunch of realtors that had invested time in here. 900 homes isn't a lot, considering it's over 3 states, and average price offered is nearly 185K, add in commissions, 3-4 extra months holding cost to unload these, and possibly back taxes, hoa dues, or other fees, and these places are probably worth $225K-250K, right in the niche rental market area for many places.
Tue, 13 Nov 2012, 4:19am PST
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Riiight. And communism will make a come back, too.
Communism is already here - in form of NAR, Federal Govt & the Federal Reserve.
You've got your "isms" mixed up.
This is corporatism not communism.
To quote wikipedia:
Corporatism, also known as corporativism has more than one meaning. It may refer to political, or social organization that involves association of the people of society into corporate groups, such as agricultural, business, ethnic, labour, military, patronage, or scientific affiliations, on the basis of common interests
Communism (from Latin communis - common, universal) is a revolutionary socialist movement to create a classless, moneyless, and stateless social order structured upon common ownership of the means of production, as well as a social, political and economic ideology that aims at the establishment of this social order.
In America we have powerful economic groups paying to elect our leaders and legislators (often through PACs) which then enact favorable laws, rules, and policies on their behalf.
For instance, the National Association of Realtors' PAC contributed more to candidates in the 2012, 2008, 2004, and 2000 election cycles than any other (45% Democrat, 54% Republican for 2012 - this is a bipartisan problem). They also contributed more in all the off-year elections since 1998.
Then comes the quid pro quo where extensions of the federal government act on their behalf. The fed (with governors appointed by the president and confirmed by the senate) buys $40B/month worth of mortgage backed securities. The government sponsored enterprises (with charters set by congress) buy or insure the vast majority of mortgages which allows lower rates, higher purchase prices, and bigger commissions.
That's about as far as you can get from classless and moneyless with common ownership of wealth producing assets.
In a communist country there would be no NAR. The people would collectively own all the homes and the government would decide who gets into each one. People aspiring to do better would be party members and get the best housing.
In an America headed towards communism, Fannie Mae would have held onto those properties and let people live there for free or perhaps rented them out. With populists in power it would have sold them to citizens at good prices or given them to individuals. Instead it sold them to a corporation which will benefit economically at the expense of private citizens who eventually buy those houses at a profit-providing premium.