Dumbest Article Today: Housing Makes You Happy!
The award goes to this piece, from Laura Rowley, writing for the front page of Yahoo! Finance.
As the title suggests, Rowley's thesis seems to be that home ownership is worth the trouble (despite the fact that the cost is way out of whack) because it will offer psychological benefits.
Her proof? A study conducted by some Ivy League eggheads in which destitute, Buenos Aires trash-heap squatters who were given free land (which was basically stolen, until the government compensated those from who it was stolen).
Big surprise here: The folks who own the property are more inclined to believe that "individual achievement is possible." No word on whether or not they consider the receipt of stolen property, free of charge, to be an achievement.
But more insulting than the premise is Rowley's unforgiveable extrapolation, that "homeownership has critical psychological benefits."
Rowley deserves a flogging with some poor shnook's eviction papers for this unthinking pile of tripe. If she'd put down the egghead's study and take a few trips in her own country, she'd find people who have been ruined because they were conned into thinking that home ownership was part of some "American Dream," by folks who just happened to have toxic loans to sell.
I believe anyone who continues promoting that fiction is complicit in the scam. Home ownership only makes sense when the price is right. And for far too many people for far too long, the price has been very, very wrong.