Unfortunately, the only homes that they seem to build around here are the mansions that go for $250,000 and up.  Which was nice because if I had been so inclined I could have sold my 3 bedroom ranch for about $200,000.  With the housing market today, I'd probably be lucky to get $150,000 for it today.   But luckily for me I'm not in the market to sell it.   Not too many people can easily afford these $250,000+ homes, but that is where the money was for construction firms so that is what they were building.  There isn't much money to be had in building a home and selling it for under $100,000 these days.

NaturalScience wrote: rushfan4 wrote: Unfortunately, the only homes that they seem to build around here are the mansions that go for $250,000 and up.  error:  could not correlate "mansions" with "$250,000".

limeyrob wrote: IVNORD wrote: limeyrob wrote: crimhead wrote: I heard someone say that it would cost us 144B to save all the homes in foreclosure and pre-foreclosure. Wouldn't it make more sense to save all these people instead of Banks that caused this by giving out bad loans to people that couldn't pay them in the first place?   In which case, why did they take out the loan when they knew they couldn't pay for it in the first place? This sets a brilliant example to the next generation doesn't it? I have vivid memories of my Mum doing everything in her power to ensure that any debts were paid off - usually furniture on the HP. The sacrifices she made just to get a bit of furniture still are fresh in my mind. Which is why I don't owe anyone any money - apart from my CD purchases of course, which are paid off when the statement arrives.   If you can't afford it - don't buy it.   Thanks Mum. Most people in this country live beyond their means. But as if it's not bad enough this life style is encouraged. THe last president who tried to rein it in was Jimmi Carter.    Many apologies but my knowledge of US politics is about as much as I can write on the back of a stamp. You imply that something happened to Jimmy Carter - presumably he was voted out of office by an electorate wanting the highlife on credit.

I didn't imply that. Carter had the hostage crisis on top of the economy in recession with inflation out of control. I don't know  if it was Carter himself or Paul Volcker (the Fed Chairman) who implemented that policy as the Fed was more independent back then. I didn't follow the economy closely at the time. But the prevailing idea was to fight inflation by shrinking credit, not expanding it; and subdued inflation was the Fed's goal, not eternal economis expansion at all costs

IVNORD wrote: NaturalScience wrote: rushfan4 wrote: Unfortunately, the only homes that they seem to build around here are the mansions that go for $250,000 and up.  error:  could not correlate "mansions" with "$250,000".  You live too close to NYC man (or Phila?)

Philly, and before that Washington DC, where I didn't know whether to laugh or cry at the price escalation (well, I laughed when we sold our townhouse in 2005).

NaturalScience wrote: IVNORD wrote: NaturalScience wrote: rushfan4 wrote: Unfortunately, the only homes that they seem to build around here are the mansions that go for $250,000 and up.  error:  could not correlate "mansions" with "$250,000".  You live too close to NYC man (or Phila?) Philly, and before that Washington DC, where I didn't know whether to laugh or cry at the price escalation (well, I laughed when we sold our townhouse in 2005).

That figures. The prices here are insane

How the hell is pumping all that cash into the existing banking system supposed to re-instate public confidence in banks?

Edited by npjnpj - October 07 2008 at 06:47

Myths and falsehoods about the purported link between affordable housing initiatives and the financial crisis

Summary: Conservative and other media figures -- echoing a reported strategy on the part of Republicans -- have attempted to lay blame for the financial crisis on proponents of the expansion of affordable housing. Those attacks are premised on several myths and falsehoods.

http://mediamatters.org/items/200810100022

Slartibartfast wrote: Myths and falsehoods about the purported link between affordable housing initiatives and the financial crisis Summary: Conservative and other media figures -- echoing a reported strategy on the part of Republicans -- have attempted to lay blame for the financial crisis on proponents of the expansion of affordable housing. Those attacks are premised on several myths and falsehoods. http://mediamatters.org/items/200810100022

You manage to find the worst propaganda drivel on the web. I wonder who are the "other media figures." Non-conservative? Read the liberal New York Times series,  the piece on Fannie in particular   http://topics.nytimes.com/top/news/business/series/the_reckoning/index.html

I think it's time to go on a witch hunt. Organize posseys. Go after these fat cats. Anarchy.

Vibrationbaby wrote: I think it's time to go on a witch hunt. Organize posseys. Go after these fat cats. Anarchy.

It's about time somebody did.