Left Holding The Bag
You have to commiserate with the millions of homeowners who purchased homes to be their main source of equity in their lifetimes. Due to the Housing Bubble which began to develop in 2006-2007, their homes are at their lowest value ever. I am not referring to the people that should not have bought homes, but were allowed to do so by the leniency of Fannie & Freddie & the Wall Street traders that welcomed the business.
The collapse of the Subprime Mortgage Industry was due to the massive foreclosure ratio. The collapse has affected Home Builders, Real Estate, and Home Supply Outfits. This Bubble has pushed our Unemployment Rate to 8.3 percent It’s actually higher than that if you consider the people that have given up looking for work. With many forced into Apartment Rentals, these rental rates are sky-high and unaffordable for many people.
Maybe it’s time for the states to build more Mitchell Lama Housing, as they started to do in 1955 in New York. This would certainly help the countless many who can’t afford $1200 1br, $1500-$2000 2 br, $2000-$2500-3 br. The Government should set up a plan with the realtors to see to it that homeowners trying to sell would at least receive what they have put into their house, not a 25 percent-30 percent depreciation.
Why not, the Government spent Billions on preserving some of the Institutions that have crippled our economy!! The Government should take care of its hard working tax-paying homeowners who have become the scapegoats and losers in this fiasco.