<The government sponsors a program that encourages consumers to have only $261/mo to live on? $261/mo would not pay for health insurance, food, electricity/heat, and a bus pass. And where's the rainy day 5% savings? What happens when their roof needs repairing? What happens when their roof needs repairing? >
They tap their "new" home equity from rising prices, of course?!? And what about those nasty little reoccuring things like property taxes, insurance, and the PMI ripoff?
<If this is the new "Ownership Society", it sounds similar to Britain's serfs, but where the owner is the corporate bank. >
Bank is going to own a whole lot of houses.
Of course, get a national sales tax passed and we all get about 20 to 30% automatic increase in the price of our home as compared to new construction with taxed building materials. That will come as a big help when the "ownership society" needs to access the refi-cashout ATM machine to pay monthly bills.
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On a side note, my lone renter just hit the jackpot. Bought a 3 year old foreclosure house for $67 a sq ft. 3,000 sq ft worth. Can't beat that. Anybody want to buy a rental house? $95 per sq ft, 1700 sq ft., brick exterior, in North Carolina. |
