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Housing is still in the doldrums

Housing is still in the doldrums

RadicalModerate | Feb 27, 2013 07:50 PM ET Out here in a midwestern red state, housing is still in the doldrums and will probably stay that way for years. We will soon have a major defense contractor shutting down a plant to the tune of thousands of lost jobs with hundreds of houses thrown on the market or in foreclosure. Every real estate agent I know is trumpeting the mantra that if we don`t buy now we`ll miss out, yet virtually everyone I know can`t get (or is upside down on) a loan or too scared to buy. @sidfeinberg It was that kind of get rich quick mentality that sunk us in the first place, you have learned nothing, and if the rest of the country has the same mentality then they have learned nothing. The "sequester" solution will define this year, you can`t raise taxes and cut spending without pain.

Earth_Scientist | Feb 28, 2013 12:46 AM ET LEAVE THE APPRAISERS ALONE TO DO THEIR JOBS. Threatening the appraisers to raise the prices was one of the biggest causes of the most recent crash. To increase homeownership, one way would be to remove some subsidies: - Set the mortgage interest deduction at no more than the current conforming loan limit of $417k, which is 10x the median income; - Then, cut the conforming loan limit in 1/2 to $208k and the mortgage interest deduction with it, which is still 5x the median income; - Then, cut the conforming loan limit down to $120k and the mortgage interest deduction with it, which is 3x the median income, a level that the median buyer could actually afford to pay back with little risk of mass defaults every 5 or so years. This hinges on the strange real estate%2

Earth_Scientist | Feb 28, 2013 12:47 AM ET This hinges on the strange real estate market behavior that is `whatever the conforming loan limit is becomes the bid`. Also, limiting mortgage deductibility takes advantage of `if you`re rich, you don`t need a mortgage deduction`. We need to treat housing like food and water; you need some of it to stay alive, but don`t spend all of your money on it.






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Latest Comments

way too much housing inventory - az1971 | Jan 15, 2013 02:33 PM ET @GenerationX | Jan 15, 2013 01:43 PM ET There was a time when we could trust newsmen (Walter Cronkite) but sadly those days have past. ------------------------------... - by Sandman533

Rushing Into a Mortgage Can Be Costly - thinkaboutit | Jan 18, 2013 04:04 PM ET Unless you are going to live in the house for 30 years, I do not see the benefit to paying points.

gruntspeak | Jan 18, 2013 04:46 PM ET The ol... - by Bone822

Foreclosures Fall Due to New Laws - ckoffend | Feb 14, 2013 11:08 AM ET If I ran a bank that wrote mortgages in California, I would require 40% cash down payments as my standard. I`d accept as little as 20% cash down, but treat those l... - by Apple2425

Great news for the 146,000 who found work - RegularGuy504 | Dec 7, 2012 08:56 AM ET The jobs are there. The president cannot be blamed if a select few do not feel the need to actually go an get them. <3 how the U6 numbers mean something now wh... - by news744

real estate lending environment - Jay070 | Feb 21, 2013 01:07 PM ET Practically the only people who are debt-free are the banking class and those that play ball with them - including the writers for articles posted on CNBC. CNBC`s st... - by re7255



Housing is still in the doldrums

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