Tuesday, November 2, 2010
A bit lacking in specification but some interesting ideas
"The attempt to protect home prices was not born out of a desire to help you. The best thing that could happen for the housing market, from an individual consumer perspective, is for prices to collapse back to where they're affordable and rates to normalize so that one has a reasonable expectation of flat rates in the future. This would leave you with easy affordability - today and tomorrow. Yes, I know people say that this would be "terrible" for people who looked at housing as an "investment." But housing isn't an investment, and no amount of trying to make it such will work out well in the end. Housing is a consumer durable good. It is consumed over time, as anyone who has owned a house knows - you either continue to put in to your house or it falls apart - literally."