I heard for the first time in mainstream media some lady on CNBC yesterday say dropping prices are a good thing, because people will actually be able to afford homes.
All the billions in equity you hear people lamenting about homeowners losing was never even their money in the first place. The fact is not everyone can own a home, and there’s still a significant correction underway. Since it’s a hot political topic though, politician’s will pretend to care until a more pressing issue surfaces.
If Congress wants to help, they can take a pay cut and bail out their constituents out of their own pension.
