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Houseownership is dead

By Patrick following x   2018 May 10, 8:42pm 826 views   10 comments   watch   sfw   quote     share    


https://www.salon.com/2018/05/08/homeownership-is-dead-the-future-lies-in-public-housing_partner/

Houseownership rates for Americans under 35 have fallen by more than 20 percent since 2004 ...

Middle and lower-income home owning families are far less likely to benefit from these housing policies. The Obama administration failed spectacularly in protecting underwater mortgage holders from refinancing their homes, even as the administration earmarked $75 billion for the purpose. According to another reportfrom PPP, the Home Affordable Mortgage Program, instituted under Obama, ultimately only helped 558,000 families trying to refinance their homes, even as mortgage companies were forced to shell out a $26 billion joint settlement for creating fraudulent documents meant to ensure families were forced from their homes.

The result? Of the 9.3 million foreclosed households, less than a third are likely to purchase a home again. Black and Latino households were particularly undermined by the failures of the Obama administration. Black housing equity declined, on average, by $16,700 during the recession, contributing to a massive uptick in racial wealth disparities.

In a Washington Post op-ed on the declining homeownership rate, Charles Lane observed: “If the Great Recession taught anything, it was that, despite decades of rhetoric about the ‘American Dream’ from real estate lobbyists, politicians and well-meaning low-income-housing advocates, homeownership is not a surefire ticket into the middle class. It can be downright risky.”
1   APOCALYPSEFUCKisShostikovitch   ignore (33)   2018 May 11, 12:09am   ↑ like (5)   ↓ dislike (0)   quote   flag        

ASSHOLES!

Buy in 1974. Cash out in 2004

How hard is that, ASSHOLES! ?
2   bob2356   ignore (1)   2018 May 11, 4:07am   ↑ like (1)   ↓ dislike (0)   quote   flag        

Patrick says
The Obama administration failed spectacularly in protecting underwater mortgage holders from refinancing their homes,


That is one of the stupidest things I've ever read. Let's see, should I walk away or owe tens of thousands more than the house is worth. DUH.

Patrick says
Of the 9.3 million foreclosed households, less than a third are likely to purchase a home again.


Less than a third probably should have owned a house. Otherwise there wouldn't have been millions of liar loans. DUH.

Public housing? Rent control? Totally failed ideas everywhere they have been tried. Talk about recycling the garbage. What a shit piece of political propaganda. Want more affordable housing start by getting rid of all the NIMBY rules that drive up the cost of housing. Knocking down all those Victorians in SF and putting up high rise condo's would be a good start.
3   MisterLefty   ignore (0)   2018 May 11, 4:50am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Patrick says
Houseownership rates for Americans under 35 have fallen by more than 20 percent since 2004


Run faster, you lazy sods.

4   monkframe   ignore (0)   2018 May 11, 7:37am   ↑ like (5)   ↓ dislike (0)   quote   flag        

I don't think sufficient credit is given to the banksters who handed out loans to anyone w/a pulse, and then sold the mortgages to securitizing banksters, who then repackaged the shit and sold it world wide. If the Obama administration failed, it was in not prosecuting and putting in jail the top banksters such as Messrs. Diamond, Blankfein, et al. Mr. Holder, the former AG, was from the corporate world, to which he has returned now, having left the criminals of this mass tragedy unscathed.
5   FortWayne   ignore (2)   2018 May 11, 7:53am   ↑ like (0)   ↓ dislike (0)   quote   flag        

We need to build more, but government likes to give loans to buy instead of build.
6   Strategist   ignore (1)   2018 May 11, 8:30am   ↑ like (1)   ↓ dislike (0)   quote   flag        

bob2356 says
That is one of the stupidest things I've ever read. Let's see, should I walk away or owe tens of thousands more than the house is worth. DUH.


I would have walked away from the banks after living free for 2 years. Fuck the banks. They are crooks anyway.
7   HEYYOU   ignore (16)   2018 May 11, 9:00am   ↑ like (0)   ↓ dislike (0)   quote   flag        

bob2356 says
Less than a third probably should have owned a house. Otherwise there wouldn't have been millions of liar loans. DUH.


But I'm an American! I deserve everything that I can't afford. ;-)

"Those numbers are unlikely to shrink anytime soon, according to NerdWallet. That's because the cost of living in the U.S. rose 30% over the past 13 years, yet household incomes only grew 28%. As a result, more Americans are using credit cards to cover basic needs like food and clothing."
OMG! Looks like someone will have to do without something.

https://www.usatoday.com/story/money/personalfinance/2017/11/18/a-foolish-take-heres-how-much-debt-the-average-us-household-owes/107651700/
8   Strategist   ignore (1)   2018 May 11, 9:30am   ↑ like (0)   ↓ dislike (0)   quote   flag        

HEYYOU says
But I'm an American! I deserve everything that I can't afford. ;-)

"Those numbers are unlikely to shrink anytime soon, according to NerdWallet. That's because the cost of living in the U.S. rose 30% over the past 13 years, yet household incomes only grew 28%. As a result, more Americans are using credit cards to cover basic needs like food and clothing."
OMG! Looks like someone will have to do without something.


Damn. No Starbucks cappuccino today?
9   SunnyvaleCA   ignore (0)   2018 May 11, 10:38am   ↑ like (1)   ↓ dislike (0)   quote   flag        

California could help itself... stop taxing capital gains on house sales, get rid of Prop 13, and reform the real estate cartel to be more transparent (like, for example, making public all bids on houses). Retired people would be cashing out and leaving in droves. Landlords would be cashing out and allowing people to buy their houses.

OK, that wouldn't make much difference. But at least it would be something.
10   mell   ignore (2)   2018 May 11, 10:46am   ↑ like (0)   ↓ dislike (0)   quote   flag        

SunnyvaleCA says
stop taxing capital gains on house sales


Then they need to stop taxing any capital gains. House sales already benefit from the 250K/500K tax free (if longer than 2 years) rule, which is crony capitalism. Either you apply the same to all investments or to none. I'm fine if they also stop taxing gains on stock sales and any other investments. If not then they actually need to tax house sales more by removing the 250K/500K boondoggle. If they simply change zoning laws and get rid of Prop 13 that would make a big difference. Not that any of this will happen. But reducing mortgage interest deduction is a good first step. Same principle here, renters should get a rent deduction for the same amount, but I'd prefer a removal of the deduction altogether. The simpler the tax laws the better.




The Housing Trap
You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
115 pages, $12.50

Kindle version available


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