Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The builders want that credit back and Congress is currently debating that very issue with their current "emergency" spending bill.
If the governement isn't subsidizing various sectors then the numbers go down..hence the need for government intervention, not to kickstart the sector but to support it like a drug addict
Building more housing when we are already overbuilt is a really good idea. I wish I had thought that one up.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,777,470 times
Reputation: 3587
Quote:
Originally Posted by tablemtn
Housing is still overpriced in many US markets compared to market supply and prevailing wages.
It needs to fall more - perhaps even a lot more.
That will certainly have its consequences, but it would be pure folly for the government to continue its various charades that have been attempting to artificially prop up housing prices.
Why do you suppose there are empty houses? Well, it is because alot of people lost thier homes and contintue to do so.
How did this happen?
1. The federal mandate to FANNIE MAE and FREDDIE MAC that low income "buyers" unable to purchase homes be allowed to do so. This was initiated in the Carter administration and took on its champions in the Senate and Congress- Barney Frank and Chris Dodd.
2. The addition of all the "new buyers" fueled an increase in demand which drove up the prices of existing housing as well as new homes.
3. Buyers bought interest only homes with variable interest rates. Interest rates went up, and they were unable to keep up payments.
4. Banks created financial instruments with buying and selling bundled mortgage products (courtesy of FANNIE MAE and FREDDIE MAC) which contained these high risk mortgages.
5. Add job losses from the initiation of the recession- Viola! Housing market meltdown.
What did we learn from this?
1. People who cannot afford homes should not buy homes
2. The federal government should not be dictating unwise lending practices
3. Chris Dodd and Barney Frank should have intervened on the lending insanity to those who could not afford homes, but did not
4. Socialism does not work
It is just another example of liberal "altruism" nearly neutering the entire nation through fiscal insanity. All we need is more of such "altruistic" social programs from Obama to kill the nation off permanently.
Lets see who voted for the Gramm-Leach-Bliley Act in 1999 that Clinton signed.
Alabama
Aye AL Sessions, Jefferson [R]
Aye AL Shelby, Richard [R]
Alaska
Aye AK Murkowski, Frank [R]
Aye AK Stevens, Ted [R]
Arizona
Aye AZ Kyl, Jon [R]
Aye AZ McCain, John [R]
Arkansas
Aye AR Hutchinson, Tim [R]
Nay AR Lincoln, Blanche [D]
California
Nay CA Boxer, Barbara [D]
Nay CA Feinstein, Dianne [D]
Colorado
Aye CO Allard, Wayne [R]
Aye CO Campbell, Ben [R]
Connecticut
Nay CT Dodd, Christopher [D]
Nay CT Lieberman, Joseph
Delaware
Aye DE Roth, William [?]
Nay DE Biden, Joseph [D]
Florida
Aye FL Mack, Connie [?]
Nay FL Graham, Bob [D]
Georgia
Aye GA Coverdell, Paul [?]
Nay GA Cleland, J. [D]
Hawaii
Nay HI Akaka, Daniel [D]
Nay HI Inouye, Daniel [D]
Idaho
Aye ID Craig, Larry [R]
Aye ID Crapo, Michael [R]
Illinois
Nay IL Durbin, Richard [D]
Present IL Fitzgerald, Peter [R]
Indiana
Aye IN Lugar, Richard [R]
Nay IN Bayh, B. [D]
Iowa
Aye IA Grassley, Charles [R]
Nay IA Harkin, Thomas [D]
Kansas
Aye KS Brownback, Samuel [R]
Aye KS Roberts, Pat [R]
Kentucky
Aye KY Bunning, Jim [R]
Aye KY McConnell, Mitch [R]
Louisiana
Nay LA Breaux, John [D]
Nay LA Landrieu, Mary [D]
Maine
Aye ME Collins, Susan [R]
Aye ME Snowe, Olympia [R]
Maryland
Nay MD Mikulski, Barbara [D]
Nay MD Sarbanes, Paul [D]
Massachusetts
Nay MA Kennedy, Edward [D]
Nay MA Kerry, John [D]
Michigan
Aye MI Abraham, Spencer [?]
Nay MI Levin, Carl [D]
Minnesota
Aye MN Grams, Rod [?]
Nay MN Wellstone, Paul [D]
Mississippi
Aye MS Cochran, Thad [R]
Aye MS Lott, Trent [R]
Missouri
Aye MO ********, John [?]
Aye MO Bond, Christopher [R]
Montana
Aye MT Burns, Conrad [R]
Nay MT Baucus, Max [D]
Nebraska
Aye NE Hagel, Charles [R]
Nay NE Kerrey, J. [?]
Nevada
Nay NV Bryan, Richard [?]
Nay NV Reid, Harry [D]
New Hampshire
Aye NH Gregg, Judd [R]
Aye NH Smith, Bob [R]
New Jersey
Nay NJ Lautenberg, Frank [D]
Nay NJ Torricelli, Robert [D]
New Mexico
Aye NM Domenici, Pete [R]
Nay NM Bingaman, Jeff [D]
New York
Nay NY Moynihan, Daniel [?]
Nay NY Schumer, Charles [D]
North Carolina
Aye NC Helms, Jesse [R]
Nay NC Edwards, John [D]
North Dakota
Nay ND Conrad, Kent [D]
Nay ND Dorgan, Byron [D]
Ohio
Aye OH DeWine, Michael [R]
Aye OH Voinovich, George [R]
Oklahoma
Aye OK Nickles, Don [R]
No Vote OK Inhofe, James [R]
Oregon
Aye OR Smith, Gordon [R]
Nay OR Wyden, Ron [D]
Pennsylvania
Aye PA Santorum, Richard [R]
Aye PA Specter, Arlen [R]
Rhode Island
Aye RI Chafee, John [?]
Nay RI Reed, John [D]
South Carolina
Aye SC Hollings, Ernest [D]
Aye SC Thurmond, J. [R]
South Dakota
Nay SD Daschle, Thomas [D]
Nay SD Johnson, Tim [D]
Tennessee
Aye TN Frist, William [R]
Aye TN Thompson, Fred [R]
Texas
Aye TX Gramm, Phil [R]
Aye TX Hutchison, Kay [R]
Utah
Aye UT Bennett, Robert [R]
Aye UT Hatch, Orrin [R]
Vermont
Aye VT Jeffords, James
Nay VT Leahy, Patrick [D]
Virginia
Aye VA Warner, John [R]
Nay VA Robb, Charles [?]
Washington
Aye WA Gorton, T. [?]
Nay WA Murray, Patty [D]
West Virginia
Nay WV Byrd, Robert [D]
Nay WV Rockefeller, John [D]
Wisconsin
Nay WI Feingold, Russell [D]
Nay WI Kohl, Herbert [D]
Wyoming
Aye WY Enzi, Michael [R]
Aye WY Thomas, Craig [R]
Yawn. Yes, I'm very pleased. Prices will crash and savers will scoop up true bargains. Plus, resources will be re-allocated properly as homebuilders go bankrupt or consolidate. Win-win.
488 to 686 and a dip in April; pretty much flatline but crawling northward, since Jan 2009.
April 2006-Jan 2009, on the other hand.....
All Obama's fault, isnt it?
Well, yes it is. Why?
1. A failed stimulus
2. failure to cut personal income taxes and stimulate the economy
3. increasing the regulations and restrictions on lending, strangling credit
4. failure to assist personal home buyers at the expense of the banks
Housing is still overpriced in many US markets compared to market supply and prevailing wages.
It needs to fall more - perhaps even a lot more.
That will certainly have its consequences, but it would be pure folly for the government to continue its various charades that have been attempting to artificially prop up housing prices.
Exactly right.
Artificially propping up housing prices is only one of the bogus props in place, at the moment.
Anything to make it "appear" as though some form of economic recovery is well underway.....when it clearly is not!
I wonder how much longer they will be able to keep convincing enough people that we are making such great progress though?
IMHO.....as long as this administration is "running the show" NO real economic recovery can occur, or perhaps, may not be allowed to occur.......for intentional reasons.
Nah.
That couldn't be it now.....could it?
Who on Earth would want that to happen?
Lets see who voted for the Gramm-Leach-Bliley Act in 1999 that Clinton signed.
Alabama
Aye AL Sessions, Jefferson [R]
Aye AL Shelby, Richard [R]
Alaska
Aye AK Murkowski, Frank [R]
Aye AK Stevens, Ted [R]
Arizona
Aye AZ Kyl, Jon [R]
Aye AZ McCain, John [R]
Arkansas
Aye AR Hutchinson, Tim [R]
Nay AR Lincoln, Blanche [D]
California
Nay CA Boxer, Barbara [D]
Nay CA Feinstein, Dianne [D]
Colorado
Aye CO Allard, Wayne [R]
Aye CO Campbell, Ben [R]
Connecticut
Nay CT Dodd, Christopher [D]
Nay CT Lieberman, Joseph
Delaware
Aye DE Roth, William [?]
Nay DE Biden, Joseph [D]
Florida
Aye FL Mack, Connie [?]
Nay FL Graham, Bob [D]
Georgia
Aye GA Coverdell, Paul [?]
Nay GA Cleland, J. [D]
Hawaii
Nay HI Akaka, Daniel [D]
Nay HI Inouye, Daniel [D]
Idaho
Aye ID Craig, Larry [R]
Aye ID Crapo, Michael [R]
Illinois
Nay IL Durbin, Richard [D]
Present IL Fitzgerald, Peter [R]
Indiana
Aye IN Lugar, Richard [R]
Nay IN Bayh, B. [D]
Iowa
Aye IA Grassley, Charles [R]
Nay IA Harkin, Thomas [D]
Kansas
Aye KS Brownback, Samuel [R]
Aye KS Roberts, Pat [R]
Kentucky
Aye KY Bunning, Jim [R]
Aye KY McConnell, Mitch [R]
Louisiana
Nay LA Breaux, John [D]
Nay LA Landrieu, Mary [D]
Maine
Aye ME Collins, Susan [R]
Aye ME Snowe, Olympia [R]
Maryland
Nay MD Mikulski, Barbara [D]
Nay MD Sarbanes, Paul [D]
Massachusetts
Nay MA Kennedy, Edward [D]
Nay MA Kerry, John [D]
Michigan
Aye MI Abraham, Spencer [?]
Nay MI Levin, Carl [D]
Minnesota
Aye MN Grams, Rod [?]
Nay MN Wellstone, Paul [D]
Mississippi
Aye MS Cochran, Thad [R]
Aye MS Lott, Trent [R]
Missouri
Aye MO ********, John [?]
Aye MO Bond, Christopher [R]
Montana
Aye MT Burns, Conrad [R]
Nay MT Baucus, Max [D]
Nebraska
Aye NE Hagel, Charles [R]
Nay NE Kerrey, J. [?]
Nevada
Nay NV Bryan, Richard [?]
Nay NV Reid, Harry [D]
New Hampshire
Aye NH Gregg, Judd [R]
Aye NH Smith, Bob [R]
New Jersey
Nay NJ Lautenberg, Frank [D]
Nay NJ Torricelli, Robert [D]
New Mexico
Aye NM Domenici, Pete [R]
Nay NM Bingaman, Jeff [D]
New York
Nay NY Moynihan, Daniel [?]
Nay NY Schumer, Charles [D]
North Carolina
Aye NC Helms, Jesse [R]
Nay NC Edwards, John [D]
North Dakota
Nay ND Conrad, Kent [D]
Nay ND Dorgan, Byron [D]
Ohio
Aye OH DeWine, Michael [R]
Aye OH Voinovich, George [R]
Oklahoma
Aye OK Nickles, Don [R]
No Vote OK Inhofe, James [R]
Oregon
Aye OR Smith, Gordon [R]
Nay OR Wyden, Ron [D]
Pennsylvania
Aye PA Santorum, Richard [R]
Aye PA Specter, Arlen [R]
Rhode Island
Aye RI Chafee, John [?]
Nay RI Reed, John [D]
South Carolina
Aye SC Hollings, Ernest [D]
Aye SC Thurmond, J. [R]
South Dakota
Nay SD Daschle, Thomas [D]
Nay SD Johnson, Tim [D]
Tennessee
Aye TN Frist, William [R]
Aye TN Thompson, Fred [R]
Texas
Aye TX Gramm, Phil [R]
Aye TX Hutchison, Kay [R]
Utah
Aye UT Bennett, Robert [R]
Aye UT Hatch, Orrin [R]
Vermont
Aye VT Jeffords, James
Nay VT Leahy, Patrick [D]
Virginia
Aye VA Warner, John [R]
Nay VA Robb, Charles [?]
Washington
Aye WA Gorton, T. [?]
Nay WA Murray, Patty [D]
West Virginia
Nay WV Byrd, Robert [D]
Nay WV Rockefeller, John [D]
Wisconsin
Nay WI Feingold, Russell [D]
Nay WI Kohl, Herbert [D]
Wyoming
Aye WY Enzi, Michael [R]
Aye WY Thomas, Craig [R]
Yea republicans have done everything right.
Who in here said anything about Republicans NOT playing their part in it....or any other messes that contributed to this crap?
Sorry, but it was signed into law by a Dem, initiated by a Dem. and supported by BOTH parties.
This is why I believe it is imperative to really LOOK at each, individual politician's stance and voting record.....no matter if they have an (R) or a (D) or a (?).
We should all know by now, politicians are equally motivated by greed and power and will perhaps, even sell America's soul for the almighty dollar that they know is in for them.
So...it should be a given that their individual character and backgrounds should be of utmost importance to us all....esp. since, well you know.
Bad things can happen when not nearly enough people REALLY know who or what they are putting into power!
1. A failed stimulus
2. failure to cut personal income taxes and stimulate the economy
3. increasing the regulations and restrictions on lending, strangling credit
4. failure to assist personal home buyers at the expense of the banks
I dont feel like fetching for you links to articles and data that prove you wrong on each of these, so I'll just note that I REALLY dont believe you keep up with actual raw information, and venture to ask why not.
Housing should be left totally to the private market. There are many builders and many banks to loan money. There is no reason for the government to have any further involvement in it. Close Fannie, close Freddie.
Absolutely Correct!!! If Housing was doing so well it wouldn't need Government intervention. This is another falsehood perpetuated by the Obama Adm.. Obama is throwing tax payers money at the problem and then trying to take credit for something that the US taxpayers paid for.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
