U.S. homeownership rate falls to lowest in 19 years

[Jhhnn]

It's about damn time. There are a whole lot of people who bought houses they could never afford, and the market is still catching up with them. We were in the biggest housing boom EVER, and the correction is still being made.

It used to be that you'd save up for a decade to make your down payment on your first house. It's about time we went back to the mantra of having the money before buying, rather than accruing debt.

Gasp. Look at that. The biggest housing bubble ever.

Not exactly. The financial system created an enormous amount of debt that could not be repaid, fooled investors into thinking that it could be. They fooled a lot of home buyers at the same time, some of whom were fooling themselves, too. Financiers took their piece off the top of all the money flowing by, leveraged themselves clear to Hell & gone in order to act as the middlemen, contrived all sorts of ways to make it look like they were covered when they weren't. They'd been selling increasingly shitty MBS, scraping the bottom of the barrel to keep their cut big. When investors suddenly wised up, it left them holding the worst of the worst. Investors also refused to keep leveraging them in the repo market, so when all of the incestuous derivative payments came due, there wasn't enough liquidity to cover. There's more to it than that, but those are the basics.

Low down VA & FHA loans had been available for decades prior, but they called for honest qualifications & honest long term financing, considerations that were simply tossed aside as the looting spree unfolded.

 

[fskimospy]

Ad hominem.

Do you have anything to contribute besides insults?

Yes, his description of the move towards loosened lending standards is factually false.

This is due to the fact that he is a fundamentally dishonest person. You are attempting to say that lending standards now that are tighter than lending standards historically are problematic without evidence. This is because you are a fundamentally stupid person.

 

[Zaap]

The Dems have been in charge of the government (WH & policy implementation) for the past 6+ years.

The administration refuses to stop the influx of illegals. there is the cheap labor now.
What manufacturing have they stopped from leaving?
What encouragements has been done to onshore?

Wage growth is due to demand & supply. What have the Dems done to revive the demand.

It is your guy in charge wielding the pen. If the housing drops, it is on his watch, not a prev president.
It is his policies that are in place; live with them instead of passing the blame and stuffing your ears with your fingers.

pssst. It's Dumb McOwned.

 

[Jhhnn]

The Dems have been in charge of the government (WH & policy implementation) for the past 6+ years.

The administration refuses to stop the influx of illegals. there is the cheap labor now.
What manufacturing have they stopped from leaving?
What encouragements has been done to onshore?

Wage growth is due to demand & supply. What have the Dems done to revive the demand.

It is your guy in charge wielding the pen. If the housing drops, it is on his watch, not a prev president.
It is his policies that are in place; live with them instead of passing the blame and stuffing your ears with your fingers.

Six years of a new Admin can't change the enormous debt overhang of the Ownership Society. Lot's of homeowners are still underwater & likely to stay that way for some while. They also can't change the enormous inequality created prior to their tenure, either, certainly not with Repubs controlling the HOR & wielding veto power in the Senate. It was only the irrational over extension of credit during the Bush years that concealed it.

The truth is that Illegals make no difference, certainly not the recent influx, anyway. They sure as Hell didn't annihilate existing home sales or new construction in this Lesser Depression, at all.

But, it's all Obama's fault anyway, right?

 

[dmcowen674]

Originally Posted by cabri
The Dems have been in charge of the government (WH & policy implementation) for the past 6+ years.

The administration refuses to stop the influx of illegals. there is the cheap labor now.
What manufacturing have they stopped from leaving?
What encouragements has been done to onshore?

Wage growth is due to demand & supply. What have the Dems done to revive the demand.

It is your guy in charge wielding the pen. If the housing drops, it is on his watch, not a prev president.
It is his policies that are in place; live with them instead of passing the blame and stuffing your ears with your fingers.

Six years of a new Admin can't change the enormous debt overhang of the Ownership Society. Lot's of homeowners are still underwater & likely to stay that way for some while. They also can't change the enormous inequality created prior to their tenure, either, certainly not with Repubs controlling the HOR & wielding veto power in the Senate. It was only the irrational over extension of credit during the Bush years that concealed it.

The truth is that Illegals make no difference, certainly not the recent influx, anyway. They sure as Hell didn't annihilate existing home sales or new construction in this Lesser Depression, at all.

But, it's all Obama's fault anyway, right?

Just put that Conservatard on ignore, not worth it.

 

[cabri]

Six years of a new Admin can't change the enormous debt overhang of the Ownership Society. Lot's of homeowners are still underwater & likely to stay that way for some while. They also can't change the enormous inequality created prior to their tenure, either, certainly not with Repubs controlling the HOR & wielding veto power in the Senate. It was only the irrational over extension of credit during the Bush years that concealed it.

The truth is that Illegals make no difference, certainly not the recent influx, anyway. They sure as Hell didn't annihilate existing home sales or new construction in this Lesser Depression, at all.

But, it's all Obama's fault anyway, right?

I answered McOwen statements - showing how flawed his logic is.

If the admin is unable to alter the trajectory; then why are all the supporters crowing on how good he ahs done and that he turned the economy and depression around.

McOwen is stating that things are getting worse.


One liberal supporter says one thing with their facts, another says the opposite with their chosen facts. Ignoring that they contradict each other.

Which is it; getting worse under Obama's watch or is it getting better?

 

[Jhhnn]

I answered McOwen statements - showing how flawed his logic is.

If the admin is unable to alter the trajectory; then why are all the supporters crowing on how good he ahs done and that he turned the economy and depression around.

McOwen is stating that things are getting worse.


One liberal supporter says one thing with their facts, another says the opposite with their chosen facts. Ignoring that they contradict each other.

Which is it; getting worse under Obama's watch or is it getting better?

Dave points out that homeownership is declining. In that, he is correct.

I pointed out that it's not because of factors that the Admin can control, but rather because of the effects of trickle down Reaganomics executed over a period of 30+ years. The only thing that concealed that was the over extension of credit during the "Ownership Society" flimflam. We'll need to return to a distribution of income extant prior to the Reagan years if we want to sustain current rates of homeownership.

Obama? You're blaming the guy who drove into town right behind the tornado that ripped the place apart. The best that Dems have been able to do in the face of Repub coddle the rich extortion & liquidationist efforts is to prevent deflation.

 

[realibrad]

Its both sad/funny that Dave puts everyone he does not agree with on ignore. The irony is amazing...

 

[Texashiker]

Yes, his description of the move towards loosened lending standards is factually false.

The industry slide towards lower lending standards is a fact.

The standards in place today are lower than they were 6 months ago.

Banks and the federal reserve area creating another bubble. Cheap money combined with lowered restrictions will keep home prices artificially high.

There are not enough middle class jobs to support the high price of housing.