When I was a young man, the thought of owning my home was a lofty dream that I could only hope to attain. After all, purchasing a home required a financial discipline that only the most responsible money managers could achieve.
And it also required SAVING money. There was no way around it, so it was universally understood that scrimping and saving for a down payment was part and parcel of home ownership.
In my case, it took seven years to set aside enough cash for the 20% down payment that would allow me to really have a vested interest in my piece of America. And you can bet that the sacrifices that contributed to my savings accounts translated into determination to not only own a home, but to hang on to it for dear life.
But at some point in our history, it was decided that home buying should be easy and readily available. Buyers with no cash in savings were lured into expensive homes in which they held no equity. In truth, it was more of a glorified lease than an “investment” because nothing was actually invested.
And the simple fact of the matter is that more houses were built than there were COMPETENT buyers and the downward price spiral commenced.
And most solutions for the nightmare of today involve repeating the mistakes of the past and diminishing the financial responsibilities of the purchaser.
It’s time to get back to basics. There should be incentives to SAVE money. How about this; instead of paying buyers to purchase homes why not eliminate the income tax on interest on savings?
Or at least the make the first $8000 worth of tax on interest income a tax credit. We have been punishing thrift and rewarding extravagance for far too long!
And it’s time to set the ship back on course.
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