Word: homeownership
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...this thing is over--then spending billions to spur on buyers won't be a magical fix. "To prop up prices above fundamentally justified levels is throwing good money after bad," says Joe Gyourko, professor of real estate and finance at the University of Pennsylvania's Wharton School. Overboosting homeownership helped get us into this mess, after...
...Senate wants to toss as much as $50 billion into loan guarantees for nuclear plants, even though their costs have gone through the roof. And there's talk of further subsidizing home mortgages that are already tax-deductible, as if the Federal Government hasn't done enough to encourage homeownership (and in the process, it can be argued, help lay the foundation for the current crisis). But Obama has called for an earmark-free stimulus, so the legislation shouldn't have too many embarrassing waterslides, Mafia museums or cranberry subsidies. Instead, Congress would funnel hundreds of billions of dollars...
...mortgage lending was a bad idea, but was soon won over to Washington's pro-housing consensus. During his 1990 U.S. Senate campaign, he said, polls revealed that 82% of Texas homeowners supported him over his Democratic opponent. After that, "You didn't have to convince me that homeownership was a good thing," he joked. (See pictures of Americans in their homes...
...first pass, that might not make a whole lot of sense. If homeownership is on the decline, shouldn't apartment buildings be swamped with interest? As it turns out, those two things don't neatly seesaw. The demand for apartment rentals is largely linked to employment. When people - especially young adults, who are prone to rent - don't have jobs, they're more likely to stay with family or find a roommate instead of renting a place of their own. Plus, in the wake of escalating home foreclosures, condos not selling and investor properties sitting unflipped, there are units from...
...renter, you might want to think about one other option: homeownership. "Prices have come down in some areas so much, renters can even start considering buying," says Gleb Nechayev, a senior economist at Torto Wheaton. He looked across markets at the average monthly cost of buying a condominium, assuming a 20% downpayment and annual fees of 1.5%. Even after adding in interest on the loan, buying an apartment in certain markets - including Las Vegas; San Diego; Orlando, Fla.; Sacramento; and Fort Lauderdale, Fla. - came out to be cheaper than the average rent price. In West Palm Beach, Fla., buying cost...