Maybe You Shouldn't Own a Home

Wake up, America: Not everyone can afford the white picket fence

By Katherine Thompson, Newser Staff

Posted Apr 20, 2008 3:08 PM CDT

(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."

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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Wake up, America: Not everyone can afford the white picket fence

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Home Prices Suffer Record Monthly Drop

October figures exceed gloomy estimates, show continued slump

US Median Home Price to Drop

Projected 1-2% decline for 2007 would be the first since 1950

11.1M Households Underwater

Number jumps to 23.1% at end of 2010, more likely on way

Foreclosures on Pricey Properties Pick Up

Well-to-do buyers weren't immune to wacky loans, and they're coming due

Watchdog: Feds Need to Expand Foreclosure Plan

$50B plan proving ineffective as more mortgage holders lose their jobs

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OTHER STORIES ON OUR RADAR

homes • mortgage • equity • home equity • homeownership • subprime crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Home Prices Suffer Record Monthly Drop

October figures exceed gloomy estimates, show continued slump

US Median Home Price to Drop

Projected 1-2% decline for 2007 would be the first since 1950

11.1M Households Underwater

Number jumps to 23.1% at end of 2010, more likely on way

Foreclosures on Pricey Properties Pick Up

Well-to-do buyers weren't immune to wacky loans, and they're coming due

Watchdog: Feds Need to Expand Foreclosure Plan

$50B plan proving ineffective as more mortgage holders lose their jobs

About Us

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Newser By Users

Community

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