Housing still unaffordable

My dear:

Okay, as requested, I removed the entire quote of your words in Inman column from my blog.  

Please accept my apology if my use of your article have you felt infringed and unhappy, even I had honestly tried to omit some parts of your article to make mine not qualified as a reprint.  

In case that you are still uncomfortable with my new version, please let me know how I can improve my quotation.  No offense, please.

Ed

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Earlier this year, "The State of the Nation's Housing 2008," a report, was published by Harvard University's Joint Center for Housing Studies.

In the report, it addressed the biggest issue we are facing is housing affordibilty or credit crunch:

"From 2001-06, the number of severely burdened households alone surged by almost 4 million. Because of the unprecedented run-up in house prices and lack of real income growth, over half of this increase was among homeowners."

"For homeowners earning more than the median income, the likelihood of being housing cost burdened nearly doubled between 2001 and 2006."

"Despite the alarming affordability problems, housing assistance remains a small and shrinking share of the federal budget."

"Thus far, there has been little national outcry about the fact that growing numbers of low- and middle-income families are spending half or more of their incomes on housing, ... -- or, worse yet, ... many veterans has also failed to rally a groundswell of support to tackle these urgent issues."

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Good point at one side. However, there are always two sides of a coin.  Certainly, I did not buy the viewpoints of Marcie or those scholars at Harvard University.   As the Inman editor claimed: "If you don't like the sound of that, what's your solution?"  I have my response expressed earlier in the Inman's column and here as follows:

If you can turn around and look at the other side on the current housing downturn, I am sure, it is the best time to make American housing very "affordable" for an investor with charity mind.

There is a saying that "my loss is your gain." Yes, it is certainly a loss of a banker or financial big guys. But who will be benefited by the crisis?

Yes, by mortgage contraction, nowadays all the financial is expected to lose about 10 trillion dollar to lend; and ppl are lacking of purchasing (or more precisely "borrowing" power) to make their "wants" become a valid economic "needs."

But, with more creative minds, we can help those less fortune have their American dreams come true. Certainly a lot of bankers, such as Indymac's Mr. Perry, are just very conservative to follow their "book," there is no flexibility to overcome the code or hardship they created. Even I looked at the so-called "housing rescue bill", hardly I can see any "rescue" or effective tools for the average Joe or low income families, except the $7,500 first time house buyer's tax credit.
However, I saw, some ppl have used their vision and knowledge to help move poor folks into their houses, which are definitely classified as very "unaffordable" to others, at lower than their current rent. 

Use our own brain with creativity and stand on our toes, don't just follow the stigma set up by the status quo and whining for help as a normal man does.  At least, don't look up to those guys at Wall street or DC and put ourselves at the hands of politicians who may not even have the brain able to make "state budget" in time, such as California State. 

Cheer up!  We can have a good solution for the time being or tomorrow.

* I did accomplish something to make housing "very affordable" to some families in the past 20 days.  And now I am working on to have 2-3 more families have their American dreams come true.  My escrow papers show that I have a decent (or more correctly, huge) profit while I help move them into my houses (my new purchase I called "bank robbery.") But, forgive me, I really don't want to release the detail, if not necessary, to brag myself here.