There is no part of the market Biden won't muck around in.
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What business does the government have in assisting people with down payments who cannot or will not save it for themselves? This is little different than forcing lenders to loan to those who cannot afford it or complete the mortgage. Throwing our good money after bad.
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The US government mucking around in real estate and homeownership is not new. Long before Biden, FHA loans allow for down payment as low as 3% -- far below usual market expectations. This is not a "new" part of the market that the federal government inserts itself into.
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The government has assisted home owners for decades by allowing borrowers to subtract mortgage interest from their taxable income.
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The government has assisted home owners for decades by allowing borrowers to subtract mortgage interest from their taxable income.
@Doctor-Phibes said in There is no part of the market Biden won't muck around in.:
The government has assisted home owners for decades by allowing borrowers to subtract mortgage interest from their taxable income.
Not no mo.
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@Doctor-Phibes said in There is no part of the market Biden won't muck around in.:
The government has assisted home owners for decades by allowing borrowers to subtract mortgage interest from their taxable income.
Not no mo.
@Jolly said in There is no part of the market Biden won't muck around in.:
@Doctor-Phibes said in There is no part of the market Biden won't muck around in.:
The government has assisted home owners for decades by allowing borrowers to subtract mortgage interest from their taxable income.
Not no mo.
Only for the rich…
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Yeah, it's still there, it just doesn't apply to most of us.
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I guess since this thread is talking about government assistant, I will put this here.
Thailand new prime minister (long story) has proposed giving 10000 baht (about USD$300) to about 16 million poor people. (about a month salary for a laborer or store cashier or security guard)
The US saw what money handouts do to inflation, but in addition to those concerns, a couple of unique things about the Thailand program.
The money will be given in digital form and must be used within about 8 km of your registered address. The problem is that most of the people who would get this are rural, or even if they work in the cities, they keep their home (rural) address. Most small village stores do not have the ability to accept digital money, and there really isn't anything to buy in these stores.
So, now there is talk that they will disband or change the program.
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I guess since this thread is talking about government assistant, I will put this here.
Thailand new prime minister (long story) has proposed giving 10000 baht (about USD$300) to about 16 million poor people. (about a month salary for a laborer or store cashier or security guard)
The US saw what money handouts do to inflation, but in addition to those concerns, a couple of unique things about the Thailand program.
The money will be given in digital form and must be used within about 8 km of your registered address. The problem is that most of the people who would get this are rural, or even if they work in the cities, they keep their home (rural) address. Most small village stores do not have the ability to accept digital money, and there really isn't anything to buy in these stores.
So, now there is talk that they will disband or change the program.
@taiwan_girl said in There is no part of the market Biden won't muck around in.:
I guess since this thread is talking about government assistant, I will put this here.
Thailand new prime minister (long story) has proposed giving 10000 baht (about USD$300) to about 16 million poor people. (about a month salary for a laborer or store cashier or security guard)
The US saw what money handouts do to inflation, but in addition to those concerns, a couple of unique things about the Thailand program.
The money will be given in digital form and must be used within about 8 km of your registered address. The problem is that most of the people who would get this are rural, or even if they work in the cities, they keep their home (rural) address. Most small village stores do not have the ability to accept digital money, and there really isn't anything to buy in these stores.
So, now there is talk that they will disband or change the program.
Riffing off this in the spirit of the thread...
After the big earthquake in Nepal several years back, there was a need for housing for poor people. Something that could be built quickly, cheaply and would work in an earthquake zone.
Architect came up with a small building that had metal poles, chain link fencing, metal roof and light but effective insulation. I can't remember what the exterior sheathing was (I'm old). The structure was designed with a bit of wobble under stress and hinged so that if the building did collapse in a major quake, the people inside would not be crushed.
It was also designed to be built by semi-skilled labor, sourcing regionally found materials. Lots of men's groups from churches down here flew to Nepal and erected these homes, with help from the families. IIRC, seems to me that once the guys got in the groove, they could build one of these in a couple of days.
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The US government mucking around in real estate and homeownership is not new. Long before Biden, FHA loans allow for down payment as low as 3% -- far below usual market expectations. This is not a "new" part of the market that the federal government inserts itself into.
@Axtremus said in There is no part of the market Biden won't muck around in.:
The US government mucking around in real estate and homeownership is not new. Long before Biden, FHA loans allow for down payment as low as 3% -- far below usual market expectations. This is not a "new" part of the market that the federal government inserts itself into.
I used that FHA program in 2009 when I bought my condo with 3.5% down. It helped, only in that it sped up my timeline to buy. Otherwise it would’ve been another year or two or three. I don’t mind programs that encourage home ownership, but I do worry if market meddling will exacerbate the housing cost crisis. If demand goes up, and then interest rates go down, prices are only gonna explode even further!
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The US government mucking around in real estate and homeownership is not new. Long before Biden, FHA loans allow for down payment as low as 3% -- far below usual market expectations. This is not a "new" part of the market that the federal government inserts itself into.
@Axtremus said in There is no part of the market Biden won't muck around in.:
The US government mucking around in real estate and homeownership is not new. Long before Biden, FHA loans allow for down payment as low as 3% -- far below usual market expectations. This is not a "new" part of the market that the federal government inserts itself into.
Arnold Kling, an Economist formerly at George Mason, puts it best. The US doesn’t subsidize homeownership, it subsidizes ‘home borrowership’.
