Homeownership bubble deflating
On the surface, you and everyone here are right to the point: the tax credit is a baloney since few people can buy a house under the current financial reality. If you guys are not complaining, it is, still at best, no use of pointing at a problem without a doable solution.
However, I am an incurable optimist. When I look at it from other angle, I believe the trend of home ownership is NOT going to be shut off. There is no way for us to go back to the past. Even it is correcting, it will easily and definitely go back to even higher lever, i.e., more home ownership and less tenant if we can do it right.
What I mean is only if we can think about the saying, "Don't give them fish, teach them how to fishing" enough to change our present ways to giving out social entitlement or welfare, we are able to switch those politicians' "Top Down" approach into "Bottom Up" medicine. Then, we can be proud of ourselves to say: "We create a more fair and equal society ever existed since no one is rejected to own a home if he so wishes."
I have a dream that everyone has his sweet home someday very soon if Obama is able to be on the right track. But, I am sorry, I have to say he is lost in the jungle, at least for now.
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I agree -- top down has not worked and will not work for this. It needs to be a bottom up. However, its the people at the top making the decision and right now those people are scared and have a "lets take care of ME first and then YOU" mentality.