|Housing Woes Bring a New Cry: Let the Market Fall|
|New York Times, David Streitfeld, 06/09/2010 (traduire en Français )|
The unexpectedly deep plunge in home sales this summer is likely to force the Obama administration to choose between future homeowners and current ones, a predicament officials had been eager to avoid.
Over the last 18 months, the administration has rolled out just about every program it could think of to prop up the ailing housing market, using tax credits, mortgage modification programs, low interest rates, government-backed loans and other assistance intended to keep values up and delinquent borrowers out of foreclosure.
“Housing needs to go back to reasonable levels,” said Anthony B. Sanders, a professor of real estate finance at George Mason University. “If we keep trying to stimulate the market, that’s the definition of insanity.”
Et vlà que ressort le penchant naturel New York Timesque à la Krugmanite aiguë, à essayer de nous faire pleurer sur la plus value envolée de propriétaires immobiliers, ayant pour l'essentiel acheté avant la bulle et n'ayant donc rien perdu du tout :
The further the market descends, however, the more miserable one group — important both politically and economically — will be: the tens of millions of homeowners who have already seen their home values drop an average of 30 percent.
The poorer these owners feel, the less likely they will indulge in the sort of consumer spending the economy needs to recover. If they see an identical house down the street going for half what they owe, the temptation to default might be irresistible. That could make the market’s current malaise seem minor.
La dialectique et le chantage sont limpides...
The deteriorating circumstances have given a new voice to the “do nothing” chorus, whose members think the era of trying to buy stability while hoping the market will catch fire — called “extend and pretend” or “delay and pray” — has run its course.
“We have had enough artificial support and need to let the free market do its thing,” said the housing analyst Ivy Zelman.
Les ploutocrates au pouvoir obligés d'abandonner leurs Ponzi economics pour des raisons budgétaires. Le seul moyen pour que le dépouillage des jeunes puisse continuer serait désormais de faire payer des impôts aux riches. Autant dire qu'ils préféreront encore perdre les voix des papy boomers...