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Another Housing Crisis Ahead? New Book, 'Homewreckers,' Says It Could Happen
Key Excerpts from Article on Website of San Francisco Chronicle (San Francisco's leading newspaper)
Posted: January 6th, 2020
https://www.sfgate.com/realestate/article/Another-Housing-Cr...
More than 10 years after the housing crash that devastated the economy, people are still debating just what happened. Although the economy and the housing market have made a comeback, homeownership remains low. Aaron Glantz, a prize-winning investigative journalist ... set out to explain why, in "Homewreckers: How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions Out of Their Homes and Demolished the American Dream." Eight million Americans lost their homes in the bust. Where did those homes go? Those houses didnt just disappear. Who won, when everyone else lost? The people who won - a small group of businessmen who pounced to seize thousands of homes and made billions of dollars - theyre the homewreckers. But even though the housing bust is over, the nations homeownership rate is at its lowest in 50 years, and continues to go down. It helps explain why people feel so uneasy. As long as the unemployment rate is low and people have jobs and they can afford rents, the financial market is secure. If people lose their jobs, whats going to happen? We could be back in another housing bust. Right now theres a real crisis of affordability. People think we dont have enough inventory because we havent built enough houses. Only 10 years ago, our country was awash in real estate. We have to ask ourselves if we really have a housing shortage, or if we have rigged the market so it only benefits a few of the players.
Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
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