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Week 5 - wealth than they did just three years ago Easy...

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Jamie Riedford BTE 234 December 8, 2010 The Case Against Homeownership In the current economy, homeownership has let us down. It is believed that houses owned by the people who lived in them created social and financial stability. They were more-involved citizens, in safer neighborhoods, and had kids who did better in school. Although homeownership resulted in these advantages, our economic leaders took it too far. With our economic situation, owning a home can now very easily end in foreclosures and walkaways, neighborhoods plagued by abandoned properties and plummeting home values, and a nation in which families have $6 trillion less in housing
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Unformatted text preview: wealth than they did just three years ago. Easy lending due to homeownership is believed to possibly have triggered the financial crisis. Lending standards slipped dramatically, allowing many Americans to put far too much of their income into paying for their housing, which in turn affected their families and everyday lives. Homeownership also fed American’s overuse of energy and oil and made it more difficult for those who had lost a job to find another, all adding to the already declining situation in our economy....
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