The Media and the Residential Mortgage Scare

The public forgets that 20% of all homeowners have no home mortgage Only 5% of all Americans are not current in their mortgage or have problems with their payments. Moreover, 33% of Americans rent and have no mortgage concerns,

Yet, the mortgage foreclosure problem rules headlines, mars public psychology and tars the overall economy.

Thus the focus persists on a small amount of events, but obviously a very noteworthy amount. That is because of the economic impact produced by those events.

I have said, and say again, it would have been cheaper for the taxpayer in so many ways, to have the government buy and raze the homes that were started and never finished, just to get rid of that excess home inventory overhanging the market early on.

It is something the experts that run our government never fully considered. Yet, it has to do with the simple rule of supply and demand.