While I am not going to go into great detail about the President's recent address, I must say there were several things that I found objectionable. The only subject that I will address here is the idea that we must somehow bring home values back up. I understand his reasoning,or do I? I assume that he wants values to increase so that we may once again use our homes as piggy banks to purchase things that we couldn't otherwise afford.
Speaking only for myself, it seems as though that is a quick way to get us right back where we were. I mean, my home is my home. I don't intend to sell anytime soon or borrow against it's value. Certainly the unforeseen does happen, but mainly I am poking at people who borrow against their home's value for that new boat that they can't live without. Really, we need a reality check in this country. C'mon people- let's get serious here. I know lots of folks want the new boat( or whatever) because their neighbor just got one but guess what-he probably can't really afford it either. Home prices were and still are too high and we all know it. Do we really need to trade up to bigger and better every few years? Of course not. What we need is a home we can comfortably afford in a community we love. That and good neighbors is about all that we need.
I think that if affordable homes are as important to President Obama as he has said, isn't a better solution to simply let home prices find their own level without the government mucking about with the market. If you are a speculator, I can see your desire for values to rise. But the vast majority of us aren't. Most of us simply want to be able to buy a home without having to raid the kid's college funds.