Poor lending practices and stupid government mandates.
The housing bust of 10 years ago
Some say home ownership is the lowest in 50 years. Some say it is the lowest in history. Either way, more Americans are unable or unwilling to become homeowners. And the number of people 25-34 owning their own home is down 10% from a decade ago.
It is sad to see the American dream wasting away. For past generations, a home was the biggest investment they would make in their lifetime and it represented much of their retirement security. And then there was the intangible benefit, a secure and constant place to put build their lives and raise a family. It represented neighborhood and community.
Many of the baby boom generation only knew one home from birth to venturing out on our own. We had anchors and roots.
The housing bust of 10 years ago scared many and financially crippled others. That one event may have changed the American Dream forever. All because of poor lending practices and stupid government mandates.
Carl Hastings
Englewood, FL
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