Sunday, January 9, 2011

Don't 'Save' The Housing Market

Thomas Sowell explains the fallacy of the seen and the unseen in the effort to "save" particular people with prospects of home foreclosure:
We hear sad stories about people whose homes are “underwater” or who are facing foreclosure. But why should our attention be arbitrarily focused on these particular people, rather than on the many other people who would benefit from being able to buy those same houses at lower prices? The government is artificially keeping the prices up with subsidies and with pressures on lenders to accommodate the current occupants.
I have felt this and have been saying this for quite some time in other areas. Read the rest of the article here.

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