During President Obama’s State of the Union Speech tonight, he didn’t talk long about the housing market.But, what he did say speaks volumes about his policy intentions and the questionable philosophy of his economic advisers.
Obama: Now, the price of college tuition is just one of the burdens facing the middle-class. That’s why last year I asked Vice President Biden to chair a task force on Middle-Class Families. That’s why we’re nearly doubling the child care tax credit, and making it easier to save for retirement by giving every worker access to a retirement account and expanding the tax credit for those who start a nest egg. That’s why we’re working to lift the value of a family’s single largest investment – their home. The steps we took last year to shore up the housing market have allowed millions of Americans to take out new loans and save an average of $1,500 on mortgage payments. This year, we will step up re-financing so that homeowners can move into more affordable mortgages. And it is precisely to relieve the burden on middle-class families that we still need health insurance reform.
Barney Frank had already semi-officially declared high home prices to be government policy. But this is different…this is from the President.They are working to “lift home values, allowing “millions of Americans to take out new loans“…do they not remember how we got in this mess in the first place?
via Why Obama Wants High Home Prices | Danville Real Estate Trends.
It’s really ridiculous. The federal government really lacks economic understanding. They are trying to propel house values to artificial levels they were during the boom, simply so Americans will spend more, and feel like they have more net worth? The federal government really needs more competence in terms of economics.
Brought to you By Cornerstone Real Estate Professionals