Some Homeowners Are Still Getting Hammered

house-for-saleIn the United States, we need to figure out a way to help those at the bottom. These Americans have very little representation in Congress or in our statehouses. They have tenuous jobs. All we have to do is look at Goldman Sachs and see that our country favors the rich.

If you by chance had scraped together enough money to buy a house in the last 10 years and you didn’t fall for any of those no money down schemes, you’re still in trouble. Housing prices for these homes, at the bottom of the market, have been falling like lead balloons. In Los Angeles these homes have fallen by almost 55% since their peak in February of 2007. In relatively stable markets like Minneapolis, these homes have fallen by 47%. So it is possible for many of these Americans to be upside-down on their mortgage.

Remember the ownership society? These guys need some help. Folks in Washington who are currently wrapped up in the Judge Sotomayor hearings or in the health care debate on the appropriations bill need to also consider some legislation to help these Americans.

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Errington C. Thompson, MD

Dr. Thompson is a surgeon, scholar, full-time sports fan and part-time political activist. He is active in a number of community projects and initiatives. Through medicine, he strives to improve the physical health of all he treats.


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