THE REAL PROBLEM IS THAT FIRST TIME BUYERS HAVE BEEN PRICED OUT OF THE SYSTEM...
DURING THE BUBBLE...THOSE WHO WERE IN THE MARKET BEFORE THE BUBBLE YEARS...COULD "FLIP" INTO ANOTHER HOUSE ... WITHOUT ACTUALLY WORKING FOR THE MONEY INVOLVED TO DO THE FLIP...
BUT THE NEW YOUNGER BUYERS....PERHAPS WITH ONE OF OUR NEW LOW WAGE JOBS...AT WALMART OR IN THE SERVICE SECTOR...COULD NOT ENTER THE GAME... THEY WERE "PRICED OUT OF THE MARKET"...THE NEW BUBBLE MARKET!
SO WE TRIED THE "LAIR LOANS" FOR A WHILE
AND THEN "NO MONEY DOWN" LOANS TO KEEP THE HOUSE SCHEME GOING...BUT THAT EVENTUALLY THAT ALL COLLAPSED...
SO NOW...THE LACK OF ANY NEW ENTRANTS INTO THE HOUSING MARKET "BUBBLE SCHEME" HAS FROZEN EVERYONE IN PLACE...
IT WAS REALLY A PYRAMID SCHEME THAT "RAN OUT OF SUCKERS"...
SO THIS IS NOT ABOUT INTEREST RATES...ITS ABOUT PRICES...
AND THINGS WOULD HAVE TO FALL VERY VERY FAR BEFORE A NEW $12 PER HOUR WORKER CAN AFFORD TO GET INTO THE HOUSE GAME...
