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Ahhh, Dan S. The gift that keeps on giving.
My opinion. It does not appear to be the "dream" it once was. My wife and I are blessed with three children 29,27,24. There appears to be no interest currently from any of them to own their own home. I would guess that all lot of people in their generation know of somebody that lost their home or were severely burdened with an underwater home and mortgage situation.
There is a caveat in that none of our 3 have "settled down". Not married, no children so that could change things.
They are much more mobile and free to pursue employment opportunities with out the issue of trying to sell a home. To the best of my knowledge the majority of their friends are renters as well.
I am some what aware that there are again ways to purchase a home with less then the old traditional 20% down (here we go again?) but those low down payment loans do not appear to be as prevalent, so accumulating the 20% down payment may be a hindrance as well.
My wife and I have had the conversation about our own housing and at this point were we to move we would strongly consider renting. Let somebody else do the maintenance. LOL.
What's your perspective?
Pat W. says Wall Street the only factor in real estate collapse. Ah, maybe not.
Promoting home ownership through the years
BY MICHAEL LAWSON, KAT AARON
Thursday, July 21st, 2011 ShareThis
Since 1995, the federal government has spent nearly $40 billion and provided trillions of dollars worth of insurance guarantees to lenders to promote homeownership, with many initiatives focused specifically on communities of color.
“In the Clinton years and the Bush years, “There was almost an obsession with getting the homeownership rate up,” said Sheila Crowley, president of the National Low Income Housing Coalition.
Back before anyone knew the words “subprime” or “securitization,” President Bill Clinton set out to expand the American dream. Clinton’s National Homeownership Strategy aimed to create 8 million new homeowners by 2000 through an “unprecedented collaboration of private and public housing industry organizations.” The program was going to “help moderate-income families who pay high rents but haven't been able to save enough for a down payment, to help lower-income, working families who are ready to assume the responsibilities of homeownership but held back by mortgage costs that are just out of reach, (and) to help families who have historically been excluded from homeownership.”
“We must begin to close this homeownership gap by dismantling the barriers that prevent minorities from owning a piece of the American dream,” President George W. Bush said in a June 2002 radio address. The Bush administration’s “ownership society” framed homeownership as an engine to help eliminate persistent racial inequalities. Building on Clinton’s goal seven years earlier, Bush set out to create 5.5 million new minority homeowners by the end of decade.
President Bush put cash behind the ownership society goals. From 2003 to 2006, the administration spent $412 million on its American Dream Downpayment Initiative to help first-time home buyers with costs associated with down payments. His administration also ramped up spending on housing counseling, the thinking being that education led to responsible homeowners. Grants for counseling totaled $176 million over the same four-year period. And more than $440 billion was committed by Fannie Mae, Freddie Mac (the Federal Home Loan Mortgage Corp.) and the other government-backed mortgage players, targeted toward making loans available to minority homeowners.
Despite more than 15 years of commitments to the American dream, almost all the gains in home ownership made since Clinton launched his plan have been erased. Nearly a quarter of Americans owed more on their homes than they were worth in the first quarter of 2011. For underwater borrowers, their homes are not building household wealth, but draining it. Fewer Americans own homes now than in 1998. The gap between African-American and white home ownership has actually grown by 2 percent since 1995.
I will ask you the same as I asked Scott. Do you have factual evidence for your statement "If young Black and Hispanic males started going around with guns strapped to their hips the White population would go through the roof." If you have no factual proof then why would you make that statement. Is that your opinion and if so I am curious as to what your opinion is based on. Do you know of young white or Asian males walking around with guns strapped to their hips. And why limit your hysteria to males, why not include females as well. Sheesh
Scott says "If, as suggested by some, black churchgoers should carry weapons and started doing so at all times then a lot of white gun owners would feel less, not more safe." I guess you would need to provide me evidence if you believe this to be factual. If it's your opinion then no evidence needed. That statement seems a bit over the top to me. But that could be because if black churchgoers carried weapons, it would not make me feel less safe. My concerns are with criminals carrying weapons of any kind as a criminal is much more likely to use their weapon. Churchgoers, not so much. Evil exists. It always has, it always will. It exists in all races and religions. We can not always know when and where it will manifest itself. We just know it will. There is no solution to evil.
Let's hope we do a better job than Germany.
According to shrinkthatfootprint.com Germany currently averages 32 cents per kwh vs. USA 12 cents per kwh.
As my wise father once told me when I complained about fairness when he let my sister use the car when I "needed" to use it.
"Who ever promised you fair."
Not sure that choosing not to sell a companies product is not fair. Wow, that last sentence got tied up in nots.
First on the hey wake up Robert. I have cut and pasted his comment I replied to below. My point was the rising deficit is a bipartisan problem. If you will notice, Robert blamed only one party for the problem. That is the reason for the wake up call. He is correct that the republicans have culpability. I also noticed that you place the blame on one party as well.
Let's use Robert's numbers, close enough for me and I don't really want to find the actual numbers as these are gruesome enough. $5T in 2001, $11T "when they left", "Right now it is $18 Trillion"
So it looks to me like 2001 - 2009 increase of $6T, 2009 - to "right now" (what ever that means) increase of $7T. So go ahead and blame the party you are ideologically opposed to, but from my perspective a pox on both parties.
Robert H said
"Mark, the debt was $5 Trillion with a $250 Billion surplus a year in 2001 when the Conservatives took total control of our Gov't. When they left in 2009 the debt was $11 Trillion with a yearly $1.1 Trillion deficit and we were saddled with a Great Recession, 2 unpaid for wars, 2 massive tax cuts for our so called "Job Creators" and a $780 Billion Wall St. Bailout.
The question is how do you turn around that mess no matter who is in charge. We may never totally recover from that 8 years and what I'm hearing from the GOP Presidential hopefuls is that all we need is more tax cuts for the "Job Creators" and sending our troops back into Iraq. The definition of insanity is doing the same thing and expecting a different result."
" I should think that knowing which party is responsible for the greatest increases in debt would be important to you. The differences seem fairly significant to me; the fact that somehow the republicans are known as fiscal conservatives when they're clearly not, even more so."
Hey Tim, It doesn't matter. $18T, $19T, $20T. As the next POTUS had so eloquently stated. "At this point, what difference does it make." You are free to check Robert's numbers yourself if it matters to you. The fact is the deficit continues to grow regardless of which party is in power. At some point the growing deficit will matter. I am not smart enough to know what that number is. Are you? Or maybe you don't worry about it. I have 3 kids so I worry about it.
didn't take long for you to join in. LOL
PS: I am not capable of typing real fast
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