>> The ultimate irony is that increasing government intervention in the housing market over the years has generally made housing less affordable than before, by any standard.
The gov’t demanded the lenders provide mortgages they would not offer through the course of regular commerce. The intervention created unrecoverable fractures and opportunism. Many typical first-home buyers suffered from this exuberant ‘seller’s market’ — the artificial housing boom created by free-n-easy mortgages. I bet many young responsible couples paid a serious price for a volatile housing market they could not possibly understand.
Thank you for my Recommended Daily Allowance of Sanity.
Brings back memories.