Thank you, Mortgage Bankers Association and WSJ! Finally some realistic numbers about the mortgage crisis. I think many uninformed people are too quick to point at first time home buyers, low to moderate income borrowers or even people who may have non-traditional income, requiring a non-prime loan product. At any rate, this is worth a read. American's are greedy and felt entitled to homes they did not put any money down to obtain. Low/no equity makes this type of home ownership a much more complicated type of renting. Why then do we even have the mortgage interest tax deduction? We aren't encouraging home ownership and neighborhood stability in these cases.
Home ownership is good for some people, but not everyone. The popular housing forms are bad for the fiscal (infrastructure and services costs) and environmental health of America at the local, state and national level. And, some American's act spoiled and overly-entitled when it comes to purchasing homes, household goods or just about anything. Credit is not ownership.
Tangents that I don't have time to elaborate on but that I think are worth noting in the context of home ownership:
1) New home purchases drive consumer credit debt for home decorating and furnishing purchases.
2) The low quality, unsustainable, car-centric type of home development that dominates the market is bad. (The whole lifestyle of getting into the car and driving around until you go and buy something... aka how people live in St. Louis, for example...)
3) Lack of public transportation and density in this type of development hurting the enviroment and health and well-being of so-called home owners.
4) Most school districts have manditory civic/political/government instruction in order to graduate from high school, so why don't we include a lesson or two on financial planning and credit responsibility.
4) This is a petty addition because the items mentioned above are actually important, but people are being naive/stupid/short-sighted when they say they are "builidng a house" when they are actually just choosing finishes from a set of standard Home-Depot like options for their house. It is just a marketing campaign from a home builder. Get a clue! Did you ever hire an architect?
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Posted by: オテモヤン | March 26, 2010 at 07:29 PM