Over two years into this recession and the housing market shows little sign of recovery. Why? Maybe because the gov'ts programs to "save homeowners" is only forestalling the inevitable and artificially keeping prices high. Get rid of all that, foreclose on people who can't pay, sell the foreclosures and let the market clear. Worked wonders back in 1990.
Holman Jenkins, Jr.: The Foreclosure Crisis and the Future of American Communities - WSJ.com
Holman Jenkins, Jr.: The Foreclosure Crisis and the Future of American Communities - WSJ.com
more at the source.Millions of Americans have stopped paying their mortgages, creating a giant paperwork snafu and legal crisis, and yet . . .
Funny how many media accounts begin with that rarest of creatures, a homeowner fully paid up on his mortgage, or better yet a Florida man who paid cash for his house, and who was foreclosed on anyway thanks to a paperwork error by some confused bank. This poor shmuck then is made to symbolize the larger phenomenon when in fact the larger phenomenon is precisely the opposite.