Bush's Ownership Society

I can remember for the past 8 years, all Bush could talk about was how proud he was that he turned this country into "A ownership society" How giving everyone and their dead uncle a house or two was the most American thing we could do.

Home ownership, selling people a dream. What is quite amazing there really isn't many HOMEOWNERS out there. You may not have some annoying landlord your paying rent to. NO you are just paying "RENT" Too a bunch of blood sucking thieves dressed in a 3 piece suit. A home owner is SOMEONE that OWNS their home. Not have 1,2,3 or a 4th mortgage on it.

Oh what do you say sir, you only make 14 bucks and hour. Well I have this darling 700 thousand dollar home we can get ya in. Its called a ARM. But don't worry, your house will keep going up forever and you can refinance your loan. Blah all those slick talking points.

And the sad part of it all.. IT AIN'T OVER YET BABY.


http://money.cnn.com/2009/01/21/real_estate/ghost_inventory/index.htm?cnn=yes

Flood of foreclosures: It's worse than you think

"Banks are moving slowly to list repossessed homes for sale, which could mean that housing inventory is even more bloated than current statistics indicate.

NEW YORK (CNNMoney.com) -- Housing might be in worse shape than we think.

There is probably even more excess housing inventory gumming up the market than current statistics indicate, thanks to a wave of foreclosures that has yet to hit the market.

The problem: Many foreclosed homes and other distressed properties that are now owned by banks have yet to be listed for sale. The volume of this so-called 'ghost inventory' could be substantial enough to depress already steeply falling prices when it does go on the market.

"That's not good news," said Pat Newport, an analyst with IHS Global Insight. "[Excess] inventory is the biggest problem in housing these days, and it leads to lower housing prices, which leads to more foreclosures.""