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No Stable EURO Please » Comments » IYR
More on IYR by No Stable EURO Please
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Homes No Longer Affordable To the Average American [View article]
I have been in market to buy house since Mid 2006 in Maryland. The house prices in this area have doubled since 2001 but most of the salaries have only gone up 10-30%. The speculators have made housing unaffordable for the new generation or anyone who was not able to get on the bus prior to 2001-2002. Any federal government bailout (using tax money of renters to bail out the home owners who get mortgage interest tax deduction) will hurt the young generation significantly by keeping these inflated prices high and forcing them to stay as renters. The house prices need to come down to match the salaries of average worker in this area in a free-market manner without intervention from federal government.