User 170674

Hitting the Reset Button On Home Mortgages

"We will avoid a glut of foreclosed homes from coming on the market, further depressing home prices."

This is not the problem, it is the solution. The problem is that houses are overpriced. The markets are seized because home owners won't sell their home at what the market values it at. We need to accept this, allow prices to fall, and move on.

We also need to stop acting as if "homeowner" is a sacred class. I did not think buying a home in 2005 made financial sence. I chose to continue renting. People looking for a bail out now should never have bought and will merely go back to renting as they should have all along. Let's stop acting as if this is an injustice.