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Minority.

August 10, 2010

The baby and wife are asleep so here is a quick rant!!

I always wondered why more americans are not absolutely shitting themselves over recent Govt policies to prop up the housing market.  I want to turn over cop car and light it on fire and throw a rock at somebody  – but where are my fellow rioters?  – The answer:

Almost 70% of Americans own their homes.  About the same percentage of americans are currently in debt.  If you do not fall into one of these categories (like myself) you are a minority in this country.  I suppose I should get used to getting fucked over.

About 60 years ago the govt decided to make affordable housing a priority.  This has resulted in making homes less affordable.  Median home values adjusted for inflation quadrupled over the 60-year period since 1940.  The U.S. national average purchase price for a single-family home was $15,000 when my parents purchased their home in the 60’s.  The median price reached $250,00 2006..   Thats not making homes affordable

Median_and_Average_Sales_Prices_of_New_Homes_Sold_in_United_States_1963-2008_annual.png

My parents were able to buy  (PAY FOR IN FULL)  a home and raise 6 kids on my dads meagre salary – not to mention my dads gambling problem and wining and dining every single waitress withing a 10 mile radius of Levittown.

Those days are GONE!!!

Excess borrowing and debt is not frowned upon, but rewarded in this country.    The federal govt’s response has been to steal money from those who have saved – to bail out those who have spent beyond their means.  So in order to have the Govt work for you – take out a mortgage or re-finance your home and go further into debt.   If you have as much as 2% equity left in your house, borrow against it and buy something big and glitzy – dont worry,  the Govt will make sure house prices wont drop on the back of myself and others savers.

Only way you can force 30 yr mortgage rates down to 4.25%. is by paying some poor old lady .15% on their money market account. Save for a rainy day – means saving for somebody elses rainy day.

Govt programs such as HAMP (debt forgiveness) and the new “auto re-finance” mandate will result in HUGE losses for the banks who own the mortgages- but the banks do not own the mortgages -the federal Govt does and this means losses for these programs will be absorbed by tax payers / savers.

Its wrong.

The results of these programs is me not being able to afford a home.

Thank you.

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