Foreclosures are a win for the people who have been locked out of the market, and this is the majority of the country. So no, lose, lose, lose, win big. Why should someone who could not afford to enter the market pay to support someone just down the road who could not afford to enter the market and did anyway? Why should we want to artificially keep house values up when most people cannot even enter the market? I would rather see bailout monies used to improve the saftey net and move people who sell at a loss to a new rental if they need the assistance. House ownership is not a right, it is a privilege. And too many people do not have access, due to unrealistic house values. Even at this point, house prices are way too high for average income and rental returns to make sense.
Los Angeles, CA
Mar 11 2009 - 2:39am