Monday, March 05, 2007
Just Say No
There are people who are qualified to own homes who refused to participate in the housing bubble. The current homeownership rate of 70% is some 4% ahead of trend going back generations. Those 4% have priced housing at the margins far higher than prices would be otherwise. There will be no choice but a return to mean and that means there are people in houses they cannot keep and never deserved. In the great sense a home invasion takeover with a fraudlent loan, transaction, appraisal, ability to repay is every bit an illegal confiscation as an armed takeover would be.