Word: homeownership
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What about the battered housing sector? Has Obama done enough to help this sector? It was the government's program to promote homeownership that permitted all of the excesses that occurred over the years. People who should never have had a mortgage were induced to buy a home when they couldn't pay for it. And as a result, those are the ones whose homes are being foreclosed, and the whole economy is affected...
During the final week of May, four HBS students will head to Minneapolis to meet with leaders of the Homeownership Preservation Foundation, a nonprofit organization that provides counseling to those who may be faced with foreclosure. The group will work with leaders of the foundation, which currently has a small staff, to analyze its operations and to create a low-budget marketing plan aimed at removing the stigma of foreclosure...
From the 1950s to the 1970s, homeownership and personal incomes grew--and so did tax rates and the increasingly complex tax code. Americans looking to reduce their liabilities turned to experts for advice on how much to donate to charity and what to claim as a business expense. By 1978, H&R Block was responsible for 1 in 9 returns; today the rate is 1 in 7. While many returns are prepared by employees at storefront-shops who take a short training course, there are some 400,000 certified public accountants in the U.S., who have passed a uniform test...
...That's true not just in Florida but the entire country. A lack of affordable homes helped spawn the economic crisis in the first place. The past two Presidents made growing homeownership rates a core goal, but to achieve that, they allowed overly loose lending standards. That caused a spike in demand for houses, which in turn raised home prices so steeply that the modest-income people whom Washington hoped to add to the homeowner rolls couldn't afford them - or eventually couldn't afford the monthly payments they had taken on. Meanwhile, affordable home construction became passé. What developer...
...This affluent mindset will have to change. The boom did raise the national homeownership rate from 60% to more than 67%, but the bust is bringing it right back down again - probably to less than 60% by the end of the year. As a result, demand for affordable rental units (meaning less than $1,000 a month for two bedrooms in South Florida) is bound to rise. And no amount of empty five-bedroom, three-bath dream houses is going to satisfy...