Here We Go!
It is an article so take it for what it is worth, but it is a valid concern:
Prices are falling? Demand is falling? It is too early to say that the housing market is recovering? Shocker...absolute shocker. Look I am not jumping in here and saying that this is what the deal is and I hope things get worse. But I am saying that there comes a point where we need to purge the system of what clogs it. No more tax credits, no more incentives to buy. People are still UNEMPLOYED. How in the world do they have money to burn on a house? It is more or less affirming the perception that they can't afford NOT to buy a house.
I think that we need to do a better job of educating folks (and this really starts at the high school level) in everday American finance. As it stands, our public education system is failing in this regard. So we live in a credit-based economy. While this is a beautiful thing, there are things people need to know in order to be able to function and get the most out of it, without going overboard (or allowing themselves to be guided overboard). I say they are simple things, and they are I guess. But I also understand that plenty of folks don't know about this stuff simply because they were never taught; this is not their fault. Blame the parents, blame the schools if you want. But it needs to be addressed. I know that I will be showing my two kids (ages 5 and 3) mortgage statements, credit card statements, insurance bills, the whole nine yards when they get older. I want to make sure they understand how it works and what they should and should not do. We will always have good times and bad, but let's take accountability for it. With a little knowledge, things could have been way different this time around. OK, there's my rant for the day.