RedMercury

Sat, 06 Sep 2008 14:53:28 -0800

Here's an idea for the Mayor: Let the market figure it out. WIth all the various foreclosures going on, prices are coming down. We have more houses than we have people who want to buy them at the moment. That leads to--you guessed it--prices coming down and houses becoming more affordable for the middle class. The people hurt by these foreclosures aren't you and me--hell, we're getting the benefits! The people who are hurt by foreclosures are banks, builders, and real-estate agents. The way to help the middle-class is to stay the hell out of it and let the median price of a home fall to something that LA's middle class will be able to afford, rather than propping up housing prices and then providing tax dollars so people can afford a house. And the people who are foreclosed upon? They'll be back in the market in ten years or so and they'll be much smarter about what they can and can't afford.

joeyc

Sat, 06 Sep 2008 10:38:19 -0800

LA is in trouble with foreclosures and such. But not as bad as Orange County or the IE. We'll get there. LA needs a plan now. Because in LA, a foreclosed house is more likely to become a nuisance. (Crack house, etc.) Some alarming stats on the housing market in Southern California: http://www.socalforeclosurehelp.com Hopefully Mayor V won't screw this plan up.

LAist: Mayor Working on Plan to Combat LA's Housing Crisis

RedMercury

joeyc