Closing Bell: The American Dream?
Today The Real Deal picked up on a CNBC story that questioned if home-ownership was still synonymous with the ‘American Dream’ after the housing crisis and market turmoil. While home-ownership continues to be one of the strongest equity builders, says Congressman Paul Kanjorski, he wonders if it should be an ideal for families, as “It…
Today The Real Deal picked up on a CNBC story that questioned if home-ownership was still synonymous with the ‘American Dream’ after the housing crisis and market turmoil. While home-ownership continues to be one of the strongest equity builders, says Congressman Paul Kanjorski, he wonders if it should be an ideal for families, as “It doesn’t fit all people, not all people are capable of homeownership at this time.”
What is a Jennifer bill?
The idea of home ownership (or more accuratly property ownership) has been an intergral part of the American political and cultural experience from the 18th century on down and that isn’t likely to change anytime soon. A large part of the US’ appeal before the Civil War was the wide availability of open land that a vastly broader section of the populace than in any other Western country at the time could expect to purchase. And since the 1930’s the Federal government has made supporting middle class home ownership a key policy goal. Widespread home and property ownership has done much to support a politically and economically stable middle class in the US after WWII.
The real problem is that GOP/neo-con economic policies (added and abetted by Clinton actually) have lead to lax credit policies combined with an ever increasing consumer economy and the stagnation of real wages for many Americans. Credit SHOULD be difficult to come by and people SHOULD have to work to achieve their goals and dreams. The credit bubble allowed a consumer driven economy to satisfy peoples desires (not their needs mind you) without any realistic connection to their actualy financial situation or buying power.
30 years of bad economic policy are to blame for whats going on in the country right now, not the dream of home ownership.
“These type of stories usually mark the low point in an asset when they appear.”
Ha! Housing bears have been running these stories long before the peak. We were just wrong about the timing and slept on the temporary “relief” of government intervention (will actually compound the crash). The low point will be when housing bulls graduate from ‘Team Reasonable’ into bear territory enmasse, “RE is a bad investment”. Growl!
“I think Kanjorski was thinking of BHO.”
Incapable of the stupidity of participating in a collapsing Ponzi scheme. I take that as a compliment.
DIBS – the following are past due…
Mortgage
Water
Property Tax
Sanitation Tickets
Contractor Lien
Second Mortgage
PC Richards Bill
Housing Court Judgement
Jennifer Bill
New Boiler
New Roof
Waterproofing Invoice
Etc etc etc
***Bid half off peak comps***
hannible, the rent is due tomorrow!!!!!!
We can all move in with DIBS when we retire!
“in the old people projects, or in section 8 rented house. my grandmother is living like a queen just on her social security because of of that! 2 bedroom / 2 bathroom, pool, etc for 550 a month.”
That sounds very nice. How do you swing that? I know a few senior citizens in subsidized senior housing, and they only get one room. I know I’m terrible, but I would rather not live in one room if possible.
quote:
If you don’t own, where do you live when you retire?
in the old people projects, or in section 8 rented house. my grandmother is living like a queen just on her social security because of of that! 2 bedroom / 2 bathroom, pool, etc for 550 a month.
*rob*
taxes and maintenance. In many cases more than a nice stabilized one bedroom….
But I like Snarky’s answer best.
> If you don’t own, where do you live when you retire?
Berlin, Lisbon and Barcelona come to mind.