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RE :”Most Americans were brought up to believe the cornerstone of good financial planning was to buy a home, pay the mortgage on time and watch the equity grow. That doesn't work at a time when home values are declining.
Economists measure the lost equity in housing to be in the trillions of dollars. But the impact on individual families is even greater. Consider this: Four years ago, 80 percent of homeowners thought their home was worth more than they paid for it. That number fell to 62 percent last fall and 49 percent today.”

What amazes me is that homeowners dont get together and form a political union to slow new housing development when house prices are going down.

Here in Maryland house prices have dropped by about 80 to $100K from their peaks in 2006 (not nearly as bad as other areas) yet developers are continuing to plow down acres and acres of trees (are they not green?) to put new developments that compete with existing homes, and our government at the state and local level is the green Democrats.

Meanwhile they continue to hike our taxes to pay for more roads, schools and a ton of climate change green taxes and mandates.

If house prices are going down in your area look around and see if new houses are being built. Your local politicians control that rate of growth,

I have no idea where new housing developments are going up in Maryland. Here in adjoining Virginia all we have are fill-in development ~ a house at a time.

All the big dogs were wiped out ~ literally.

The cause of the housing problem is OVERBUILDING. That was made possible through the illegal importation of MILLIONS OF LATIN AMERICAN laborers who worked for 20% of base wage.

The root cause has been and continues to be non-enforcement of our immigration laws.

What amazes me is that homeowners dont get together and form a political union to slow new housing development when house prices are going down.

how does that work ??? so long as mcmansions continue to sell and make money for the developers, and the resulting tax base, whose going to stop it ???

further up the food chain in the political/finance trap is where wealth gets destroyed without being noticed...Im almost ready for hyperinflation, so that i get the mortgage paid off with those inflated dollars...

for the price of a couple cheeseburgers in new money, the house will be secured under the old contract, *unless* that contract is voided by new political/finance regs, of course ???...heheheheh...

we-r-screwed, actually, WERE screwed long ago, and a lil lobbying and ballot box initiative seems too little, too late...

What amazes me is that homeowners dont get together and form a political union to slow new housing development when house prices are going down.

Agreed. This is the problem where we live. Zillions of homes in forclosure,yet they just keep throwing up new fab homes and townhomes, further clogging the SAME roads we all use.

Our renters who were thinking of buying our underwater house from us just decided to move into one of these new homes. Of course, they are younger and want that brand new home instead of one that might need a little remodeling, but is in a much better neighborhood and location.

But, noooooo — they’ve just got to have that “new house” smell.

But, that’s ok. We’re moving back in it, we’re going to keep it up, and we’re going to hang onto it, come hell or high water. It’s ours, and it’s our investment. Someday we’ll recoup, I’m hoping.

“What amazes me is that homeowners dont get together and form a political union to slow new housing development when house prices are going down”

I DID NOT KNOW THERE WERE SOCIALISTS ON FREEREPUBLIC.

Are you kidding me ?

” What amazes me is that homeowners dont get together and form a political union to slow new housing development when house prices are going down.

If house prices are going down in your area look around and see if new houses are being built. Your local politicians control that rate of growth, “

Most of my assets are tied up in realestate, and I’ve lost my butt over this....not to mention the lousy savings rates!

But I’m really surprised that you would advocate this kind of economic control.