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July 9, 2008 7:29:58 AM CDT

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Maybe You Shouldn't Own a Home

Posted Apr 20, 08 3:08 PM CDT in Business    Most Covered

(Newser) – Should all Americans own their dream home? Not really, writes Joshua Riner in the New Republic—only those who can afford one. But Washington made homebuying easy, sparked the subprime crisis, and is now making things worse by buying up risky mortgages. Officials "need to replace the dream of homeownership with policies that actually increase wealth—not just the illusion of it," writes Riner.

"For the past decade, Americans have increasingly relied on the appreciation of their homes to support themselves, creating an unsustainable and destabilizing economic mirage," Riner writes. "Homeownership is a social good as long as it allows buyers to build equity—an investment not only in their house but in their community—but a home without equity is really just a rental with debt."

Source New Republic

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A sign showing a foreclosed house is seen in Glendale, Calif. is seen in this August 20, 2007 file photo.   (AP Photo/Kevork Djansezian)
A realtor's sign is seen on the lawn of a foreclosed home in Egg Harbor Township, N.J. in this March 15, 2008 file photo.   (AP Photo/Mel Evans)
An abandoned home in Cleveland is seen Friday, Jan. 25, 2008. Government policies that promote home ownership are flawed, writes the New Republic's Joshua Rosner.   (AP Photo)
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subprime crisis  • mortgage  • homes  • homeownership  • home equity  • equity


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