Is Renting more Prestigious now?

George Bush has tried to bail out the Subprimes. What do we give him? C Minus for some minimal effort? Even he said it’s not a complete solution, only a band-aid on a big problem.

I wonder if this will finally deflate the bogus “American Dream” image of home ownership. Home ownership at any cost and you’ll be living your American Dream! Will people still buy that now?

It used to be that renters were considered the bottom of the home barrel. Renters were the scum of the neighborhood, the low life. I wonder if that’s true anymore? Renters in most places have to jump through more hoops than the people who signed onto those subprime loans. Except for the real slums, renters have to submit to credit checks and provide income verification. Much of the stringency that is placed on renters was simply overlooked in the subprime loans.

What will that do to some of the ‘bubble markets’ like Florida and California? Will this create ‘subprime ghettos’? It’s beginning to look like renting is not such a bad option after all.

No Quick Fix for Subprime Mortgages

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