A Permanent Housing Collapse?

[Donnachaidh]

http://www.opednews.com/articles/A-Permanent-Housing-Collap-by-shamus-cooke-100817-234.html

The recent chaos that erupted when 30,000 people waited hours in the Atlanta, Georgia heat to receive applications for subsidized housing is a mere symptom of a worsening national problem.

The housing market appears to be on a never-ending downward spiral, with the much-discussed "recovery" always around the next corner.

The reasons that such a recovery is impossible at the moment should be obvious: millions of people do not have jobs; millions of others work only part time; millions more work full time but make very little money; and additional millions fear losing their jobs.

Under these circumstances, there can be no recovery in the housing market, which will continue to contribute to the broader depression-like economy in the U.S.

Interestingly, an op-ed article in The New York Times, entitled The 30 year Prison, actually took these realities into account when analyzing the housing crisis. The 30-year mortgage is the cornerstone of the residential housing market, which allowed millions of Americans to become homeowners.


More at the link ---