House Poor

Jordon Cooper posts a couple of very interesting paragraphs about the moral of the housing crisis from this article.  I’d love to just shake my head at those Americans… but alas.  Some of it hits real deep for me.  For “normal” folk like me and mine – the house buy is the big one, nothing else really comes close to comparing in $ amount when you think about it.  Okay I can’t resist quoting a bit…

People who buy something they cannot afford usually hear a little voice warning them away or prodding them to feel guilty. But when the item in question is a house, all the signals in American life conspire to drown out the little voice. The tax code tells people like the Garcias that while their interest payments are now gargantuan relative to their income, they’re deductible. Their friends tell them how impressed they are-and they mean it. Their family tells them that while theirs is indeed a big house, they have worked hard, and Americans who work hard deserve to own a dream house.


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