Bush was here locally yesterday...

[fencesitter]

I didn't find out till the evening news and there was an article in this mornings paper

http://www.philly.com/mld/philly/news/local/8195026.htm

He was talking up home ownership and how we should be taking advantage of low rates and buy now...the American Dream, minority home ownership is up, this woman who is is sitting here with me can finally afford her own home, etc, etc,..BUT BUT...He's at the "Y" in Ardmore PA, The heart of the "Main Line", the most expensive housing in SE PA, and the woman who is sitting with him is (I am sure) very happy that she was able to buy into a new "affordable", meaning subsidised, community (I don't know where this is) because she was a winner of the lottery system to get into this community out of hundreds of hopeful families. We are in a housing crisis here. I could never hope to buy the house I grew up in, and even with a hefty downpayment, I can't find something a single parent could afford. Yes, the lower interest rates are great and people can afford more, but I believe this has artificially inflated housing prices. Plus property and school taxes are going up.
In 1999, a study by Chester County 2020 found "new constuction in the county is NOT affordable and costs more than even the top bracket of moderate income households can afford". Obviously the existing affordable housing is sold with a bidding war, kinda like trying to win something by calling into a radio staion.
OK George, I'll go right out and get my piece of the American dream, I have my eye on that shack by the tracks. Oops, they just sold it to build some new $500,000 townhomes.

[laruemtt]

1. even though it's been

hammered home enough already, i'm still stunned by how disconnected to the real world this fool is.

[PA Democrat]

2. And just how heavily mortgaged are those homes?

I'd bet that homeowners today have less equity in their homes than ever before. People are taking out home equity loans to pay off credit cards, and are thus using their home equity to supplement their income. What happens when people have no more home equity left to finance their middle class lifestyles?

[Badger1]

3. Bush should

refinance the old farm in Crawford. Gunna be spending alot of time there after next year. Oh, I'm sure it's been paid for by his felon friends.

[cap]

4. foreclosures in Philly have reached epidemic proportions

The Sheriff's Office that does the foreclosures is suing to stop foreclosing on people's houses. The city government is handing out questionaires to people trying to find out if they've been the victims of predatory lending practices.