Skip to: Content
Skip to: Site Navigation
Skip to: Search

December 2, 2008 7:07:14 AM CST

Learn about Newser Points »

« Back to the grid | Next story »

Maybe You Shouldn't Own a Home

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

(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

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Home Prices Suffer Record Monthly Drop

    Dec 26, 07 12:25 PM CST
    Home Prices Suffer Record Monthly Drop Home prices plummeted 6.1% in October, a record year-over-year drop that exceeded forecasts. The index of prices in 20 major markets has dropped every month this year and fell 1.4% from the September figure, another record. The trend threatens overall consumer spending, making it more difficult for homeowners to dig into home equity funds, Bloomberg reports. More »

  • US Median Home Price to Drop

    Aug 26, 07 3:08 PM CDT
    US Median Home Price to Drop The median cost of an American home, now $220,000, is expected to drop this year for the first time since tracking began in 1950, reports the New York Times. The decline will be modest—1 to 2%—but could last into 2008 and 2009, meaning that, adjusting for inflation, homes aren't likely to return to their 2007 value for more than a decade. More »

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)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 2)

Tags

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


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »