Quote:
Originally Posted by dogzilla
A person works at least as hard to get to a $40,000 income as they do to get to a $20,000 income level.
|
That isn't really true all the time.
Quote:
Originally Posted by dogzilla
Besides, the Democrats also had a hand in the economic crash with their insistence that loan requirements be relaxed so that people of lower income, who really had no business obtaining a mortgage could obtain one. That also played a part in the housing bubble with more buyers available to buy a limited resource (housing) and pushing home prices up. The logical outcome of that fiasco was that of course the lower income people didn't have the income to afford their mortgage and they ended up in foreclosure.
|
I would like to see the facts behind that. And why only certain cities have been hit much worse than others. And it's namely cities were the average price of a new home was well outside the range of even a middle class family, let alone a poor one.
Now, you can say that the Democrats good intentions for having easier credit available for lower income families and Republican reduced regulations helped home flippers and greedy real estate investors bid up the market in cities like Miami, Las Vegas, Phoenix... It was an artificial demand from people who had no intention of ever living in the home that caused the problem.