Much of the hype about our economy surrounds the fact that the housing market is increasing, somewhat. And, to a degree, this is true. A little history ……
When the housing market crashed there was much wailing and gnashing of the teeth. But, it was entirely predictable, was predicted, as well as the aftermath.
When the recession hit, people couldn’t afford to make their house payments. The homes were entirely overvalued. The banks were reluctant to foreclose because they wouldn’t be able to realize the loan value. The federal government intervened with many new rules, essentially to both protect the banks with massive bailouts and whatnot, and to a smaller extent to protect the borrowers who couldn’t pay off their loans. Still, that wasn’t enough. I had hopes that they’d just let the market drop and in that manner, many of the working poor could afford to buy homes for…
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The Delinquent Teenager
Climate Ponderings 