June 15. 2009

The U.S. housing market is in dire condition and the Bush administration should have stopped it before things reached this terrible financial state. However, believing in Laissez Faire, Bush did nothing, more obsessed with stealing foreigners' assets in Iraq (oil) as this was his crazy, ill-conceived, perceived path to national prosperity, that reaped the exact opposite, for which he should be imprisoned.

In America, a record number of foreclosures, in the millions, have created a terrible ripple effect in the economy. Balloon mortgages and predatory lending created this nightmare that has plunged many U.S. cities into bankruptcy and vacancy.

It has ruined the credit of many Americans, forcing millions to go from homeownership to home renting, which is not good for any nation, as it is a depletion of wealth.

With a foreclosure or bankruptcy on one's credit report, it is also very difficult to rent housing in America, leaving very few options to those that have been a victim of the U.S. banking system, which the White House and Congress allowed to gouge and plunder innocent people's accounts and mortgages.

Another terrible side effect is occurring in condominium and housing complexes, where homeowners who are not in foreclosure are being forced to flee their homes of many years, due to the fact the banks hastily foreclosed on their neighbors, which means they are no longer paying group association fees and taxes for the community.

Housing complexes and condominiums in particular, are having trouble covering the fees to run half empty communities and are forced to shut the entire operation down.

Banks and homeowner associations, being difficult, do not even want homeowners renting out their homes and moving into smaller dwellings, in a bid to keep their mortgages current and their financial portfolio in tact.

Banks and homeowner associations are conspiratorially and discriminately placing every obstacle in the path of homeowners that wish to rent, while obtaining smaller lodging or living with a relative, to save money and keep their mortgages current and it is creating a significant number of additional foreclosures in America.

No concessions are being made and it is adding a greater amount of damage to the economy, impeding any possible recovery.

It's quite sad, but America is becoming an unrecognizable place and I shudder to think what things will look like 5 years from now, on this current path, if the government does not intervene on behalf of the American people.