US housing market in ‘much worse shape’ than Fed admits: economist

And let's not forget who got this started with the CRA...



...or do we wanna take it all the way back to FDR?

 

Yes, they will. It's the Democrat's fault for letting them be such boneheads. I forget the exact one but they used just about exactly that excuse for one thing or another just recently

 

I didn't propose anyone do anything, i was describing what i expect to happen.

I am to the left of Castro. I think housing is a human right, and basic housing should be available to everyone at no cost to them.

 

How about we just blame the greedy people who abused systems.

It's always the bankers. Always the bankers. Then we blame the system instead of the people who abused it, so we create a new system, that the same people figure out a way to abuse.

As long as it is ok to be greedy, no system will ever be immune from abuse.

 

Actually, it's not a good idea to be a homeowner under more than a few circumstances

 

Always interesting to see someone left of draconian rule discuss rights. Its not something I will suffer gladly,

 

And that problem is overflowing into the rental market; people not being able to pay the ghastly prices of purchase are now competing for rentals.

 

What do you mean by collapsing?

 

How is paying a property owner to rent better than owning property?

 

Yea, there are dictators on the left and the right. Being to the left or right has nothing to do with one's view on authoritarianism.

Capitalism will die a natural death. I don't support a communist revolution, i just believe that communism will result from a natural evolution, just not in any of our lifetimes.

 

Yes, it's always the eeeeeeeeevil bankers.

It's never the self-serving politicians or the irresponsible people who purchased homes they couldn't afford in an insanely over-heated housing market...

 

Huh? A house half our size, across the street, just sold for double what we paid for our house six years ago. Our home value has increased about 100% in six years.

 

Can’t agree with you. We got a fixed 20 year with 3.1% interest. We are only subject to increase in property taxes and insurance. Not being subject to landlord increases is very freeing.

 

Regular people didn't invent credit default swaps.

 

Regular people didn't force banks to offer loans to people who couldn't repay them, either.

 

No one “forced” them to. They found a way to make a few bucks and fake years they were. Then it fell apart.

 

The Peanut Farmer from Georgia forced them to, and shortly thereafter people predicted that one day it would end badly. It really wasn't difficult to read the writing on the wall.....

 

That isn't what happened.

Credit default swaps are what caused the 2008 collapse.

The impending collapse has nothing to do with people taking on loans they couldn't afford.

 

Nonsense. Lower lending standards and irresponsible borrowers played a central role in the collapse. I witnessed this up close and personal, as well. At the time I lived in a neighborhood where people were purchasing ridiculously over-priced homes they couldn't afford and wound up defaulting on their mortgages. People lost their freakin' minds during the 2000s. My wife and I could have purchased a home during that fracas but we waited for sanity to return to the market and got a great deal on a house and home, and a fixed-rate mortgage from the eeeeeeeeevil bankers at well below 3%.

 

You are in the minority The more prevalent neo marxist believe they need to work to bring about the revolution.

 

This is very true^. That was done by the criminal enterprise running the casino.

 

It is a good idea in some circumstances, probably most, but it is not the universal panacea many see it as. Look into Rich Dad Poor Dad and Die Broke, among many others

 

The rich dad owned real estate. (His corp owned it) Can you explain how paying a land owner rent is better than owning your own land?

 

That's because people don't treat their home as if they are renting. Find the rental value, and put the difference b/w that and your mortgage in savings for repairs, upgrades, etc. Then it's absolutely better than renting as you have funds if you need it and extra money if you don't. Then when you move, you have your equity to boot. A mortgage can be up to half as much as renting. Why just give that money away every month? I can see it not being worth it if maybe if you live in Manhattan or some other large city where you are buying into a whole building type situation. There you have to pitch in for elevator, water tank, boiler, etc. For a normal house, why wouldn't you want to own?

 

That is Marxist-Leninist orthodoxy which sees Revolution as necessary. Marx himself was a gradualist. His only major work was actually a very thorough study of Capitalism and how it is inevitably unworkable given time. Lenin was trying to understand how communism could succeed in the one major country nobody predicted it would be the first to be tried in.