[quote=Nor-LA-SD-guy]Here is my two cents on this.
The vast wealth of our country is tied up in leveraged real estate, and most property purchased in the last decade is under water. There can be no positive economic resolution until this is dealt with,
People cannot move, cannot refinance, cannot relocate cannot invest in other assets or industries.
In essence the economy is stuck until home prices get back near peak .
No policy
No road construction
No Train track
No Loan Mod program
Will fix this.
Some day the Gov is going to figure that out.
This is of course just my thoughts.[/quote]
An even better idea would be to foreclose on everyone who isn’t able/willing to pay their mortgages, let prices go back to normal (pre-bubble/2001 prices), and wipe out that debt for good.
Until we do this, it will never be fixed.
The only way to get housing prices back to peak is if the govt continually gives (not lends) new buyers more and more money with which to buy houses, OR…give everyone bonus-buck checks and destroy our currency.
