Comments | dimensionm: A couple thoughts on the economy

dimensionm

A couple thoughts on the economy

Feb 20, 2009 23:02

1. Many people seem to feel that the President's plan to address the rising tide of home foreclosures is unfair because it rewards people who have made irresponsible decisions. In an abstract sense, I see their point. However, in practical terms, I don't see that we have much choice. Foreclosures lead to an endless spiral where more ( Read more... )

canada, economics, crooks, foreign affairs, government, obama administration, financial crisis

Comments 1

cahwyguy February 21 2009, 04:50:17 UTC

I agree with you on point #1. I was debating doing a post on it (once the refinance goes through :-)). We need to do something to stabilize property values, for that affects everyone in the neighborhood. I'm able to refinance because our value is just above the 80% LTV that we need to be at (the appraisal came in at $665K, and we needed $660... we were at $676K in September). But if there had been more foreclosures in our area lowering the price, we would have been in the groups. We've got to stabilize things and restore confidence. But that will take a bit of time, and a bit of short-term investment while we recover from the damage of the past 8, if not 16 years.... or even longer.