Government policies were designed to increase homeownership. Affordable Mortgages, created to realize this goal, were responsible for the Housing Bubble and distorted the economy. The unwinding of these distortions will result in a Global Depression.
The Affordable Mortgage Depression: May 1st, 2010: The Day Housing Died Again
May 1st, 2010: The Day Housing Died Again
This year's house buying season will be more bust than boom due to the expiration of the homebuyer tax credit. Prices are already falling nationally. Declining demand will reinforce this accelerating trend.
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