This CNN newsbabe doesn’t get it. Schiff tried to point out to her that people will not be homeless as a result of losing their homes to foreclosure–that renting is a very attractive option now– but she cut him off and wouldn’t listen.
I agree with Schiff that the biggest problem in the market is overpriced houses (and its twin–an oversupply of houses for sale), and that we won’t begin to solve this problem until prices drop back to their historical mean. Anything the government does to artificially keep prices high will only prolong the pain.
I agree with Jutaku no kenkyusha that anything the govt does will only function as price supports to housing – a bad idea. Funny how the media folkslike this CNN lady only focus on the foreclosures + what happens to those people. Well, what about the people who were priced out of the market with these inflated houses + who are saving for a d/p so that they can afford a house?
Maybe there will be a new meaning to “flippers” – those who previously rented will buy the newly depreciated houses and those who previously “owned” those over inflated houses will now rent.
I agree. The reporter says that people are “already homeless.” I’m wondering why we aren’t seeing more interviews with folks living in “Bubblevilles” if that’s the case. [I've yet to see one.] They seem to equate “renting” with “homeless.” In my mind “homeless” is when you don’t have a roof over your head, and has nothing to do with who owns the property.
Twist and “Home Researcher”(JnK)
>>They seem to equate renting >>with homeless.
I agree, the CNN lady (and so many others) have dropped the ball on this.
People simply do not understand that being foreclosed on does NOT mean being homeless! It simply means going back to being a renter.
If there comes a point somebody can’t afford to support their expensive eating habits of caviar and lobster every night, would this CNN person say he/she is going to starve to death?
Of course not – they just have to start eating franks and beans, or whatever else is still affordable!
Every interview I see seems to be about people who are about to lose their home. I would love to see a few interviews with these folks six months later. Are they really living in “Bubblevilles”- shanty towns of former flippers, or are they in a rental discovering the joys of disposable income, now that their housing payment has come down out of the stratosphere?
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Dear Citizens,
We screwed you, again.
Regards,
Mr. Greenspan
President Bush
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This CNN newsbabe doesn’t get it. Schiff tried to point out to her that people will not be homeless as a result of losing their homes to foreclosure–that renting is a very attractive option now– but she cut him off and wouldn’t listen.
I agree with Schiff that the biggest problem in the market is overpriced houses (and its twin–an oversupply of houses for sale), and that we won’t begin to solve this problem until prices drop back to their historical mean. Anything the government does to artificially keep prices high will only prolong the pain.
I agree with Jutaku no kenkyusha that anything the govt does will only function as price supports to housing – a bad idea. Funny how the media folkslike this CNN lady only focus on the foreclosures + what happens to those people. Well, what about the people who were priced out of the market with these inflated houses + who are saving for a d/p so that they can afford a house?
Maybe there will be a new meaning to “flippers” – those who previously rented will buy the newly depreciated houses and those who previously “owned” those over inflated houses will now rent.
Evinx-
I agree. The reporter says that people are “already homeless.” I’m wondering why we aren’t seeing more interviews with folks living in “Bubblevilles” if that’s the case. [I've yet to see one.] They seem to equate “renting” with “homeless.” In my mind “homeless” is when you don’t have a roof over your head, and has nothing to do with who owns the property.
Twist and “Home Researcher”(JnK)
>>They seem to equate renting >>with homeless.
I agree, the CNN lady (and so many others) have dropped the ball on this.
People simply do not understand that being foreclosed on does NOT mean being homeless! It simply means going back to being a renter.
If there comes a point somebody can’t afford to support their expensive eating habits of caviar and lobster every night, would this CNN person say he/she is going to starve to death?
Of course not – they just have to start eating franks and beans, or whatever else is still affordable!
Mike-
Every interview I see seems to be about people who are about to lose their home. I would love to see a few interviews with these folks six months later. Are they really living in “Bubblevilles”- shanty towns of former flippers, or are they in a rental discovering the joys of disposable income, now that their housing payment has come down out of the stratosphere?