ST Alpha - "Speculation on the Obama housing plan does two things that piss me off and one thing that damns homeowners." (Reading a Post)

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Speculation on the Obama housing plan does two things that piss me off and one thing that damns homeowners.

Posted by Mop (aka rburriel) Feb 21 '09, 08:01

1) it keeps homeowners in houses they can't afford and 2) it keeps housing prices artificially inflated by not reducing the principal on a house, only buffering the payments temporarily until the home owner is back on his feet.

It also damns the homeowner to almost perpetual indentured servitude since it will likely be decades until the market catches back up to the inflated prices of these houses. Until that time, the homeowner cannot sell.

So what's left for a potential home owner? When places are inflated and the government artificially props up those prices, what are you to do? Pay the inflated price?

Raul

Responses:

I don't see how it inflates prices - Ty97 Feb 21, 09:10
More and more as they show more and more homeowners lamenting their plight on the news and such I'm thinking... - Cuzzin Todd Feb 21, 08:37 2
- A. the destitute poor who got big homes on bogus loans are already out of the door, B most of the people who might be helped are the ones who would - zeitgeist Feb 21, 10:24
- Artifically propping up any aspect of this economy will just prolong the torture. - Mop Feb 21, 08:59
The market doesn't have to catch back up for people to sell - Stewie Griffin Feb 21, 08:14

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Speculation on the Obama housing plan does two things that piss me off and one thing that damns homeowners.

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