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How to accelerate the drop in house prices?
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2011 Oct 13, 12:07pm 34,906 views 136 comments
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Why would I do that? Maybe the number was 16%. Maybe it was 12%.
Because if they are guaranteeing you 12% YOY, they are probably a crook. It's not even close to plausible.
PockyClipsNow
2011 Nov 4, 10:30am
I was listening to the radio and I noticed someone (the Feds I think) was advertising "Having trouble making your mortgage payments? Help is available! Visit http://www.makinghomeaffordable.gov
So if you check out that link they want to keep everyone in thier home at taxpayer expense.
Who should we thank more for 'making home UNaffordable'? the D or the R?
They are even spending millions in your taxes to reach out to deadbeats to HELP THEM stay in homes they cant afford via Radio Ads.
Everyone at every level of the government/democrats are trying to re inflate house prices on taxpayer dime. IM REALLY TIRED OF THIS. We know its to bailout BANKS and they stupid loan owners are on the hook for a recourse mortgage on an underwater house if they actually Refi. Then they are screwed for sure until the BK. The banks sure do own the gov
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(Let go of the damn rope for Chrissakes!)
Several people sent me this today: How to Stop the Drop in Home Values
As if truly affordable housing were a bad thing! Sure, if you're a stupid bank that blew all its capital on stupid lending, and lower prices expose your stupidness, then that can't feel good, because you are after all the "experts" in lending. Though all that sweet taxpayer cash sure does sooth those wounds!
And if you're a stupid (yes, that's the right word) borrower who stupidly borrowed money to buy prestige and self-esteem at stupidly high prices, well, who exactly forced you to borrow that money? And does your life end if you have to go rent something you can actually afford, like the rest of us? Maybe you'd actually be happier without that albatross around your neck.
Martin Feldstein, the author of that article, says
What he does not say is that at a sufficiently low price, all those residential neighborhoods will quickly be filled will happy and reponsible people who don't need to borrow money to buy at that price. Patrick.net reader StoutFiles rightly says:
The key is to accelerate the drop in house prices by refusing to support stupid mortgage debt with taxpayer money. When houses become truly affordable, they will be bought with savings rather than debt. Demanding that anyone except the stupid banks and stupid borrowers pay for their own mistakes just drags down the whole economy.
If there were no mortgage debt, there would be no negative equity or foreclosures.
If there were no mortgage debt, the banks never would have had a mortgage debt crisis.
If there were no mortgage debt to compete against, your savings could buy a nice house.
Please write Obama and your Congressmen and ask for a complete end to mortgage debt subsidies, so we can accelerate the drop in housing prices.
#housing