« Offshoring | Main | Easy Lending on Main Street and Wall Street »

July 03, 2007

Comments

Heymull

Home prices rose very high in some areas of the country in the last 10 years. Here on Long Island, prices have gone up 3 to 400 percent since the last pricing downturn in the 90s. We bought in 2001 so "only" gained 200 percent.

My mom's home price rose only about 100% in 25 years of home ownership in Fayetteville, NC. I know because I just sold her house in June. Nice solid growth, but paltry compared to Long Island.

The people and institutions that get hurt the most by the recent (rapid) downturn in home prices are the ones who speculated, hoping for high returns on short term investments. Idiots, all of them.

I would like to see laws passed (and enforced), getting us back to the days when you had to have several times earnings to earn the right to buy a mortgage. As "parental" as these laws where, they had their intended effect, largely keeping homeownership out of the hands of people who didn't earn enough to *buy* them. (I as going to say *own* but with zero or negative equity, what ownership ever existed?)

Putting off major mortgage business reform hurts every one. Lets get going.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Comments are moderated, and will not appear until the author has approved them.

Your Information

(Name and email address are required. Email address will not be displayed with the comment.)