A recent article by Time magazine, written by Barbara Kiviat, The Case Against Homeownership, you can read the online version of it here. basically makes the idea of homeownership the new boogie man of the 21st century. Oh Yay!
The summary of Ms. Kiviat's report is that the idea of homeownership is the primary cause of the current economic situation, our current housing market situation, the "hollowing out of cities", the forcing of renters into bad neighborhoods, America's overuse of oil/energy, and people's 'inability' to find a job. After all that, I'm quite sure that she also blames homeownership for JFK's assassination, UFO sightings, and the upcoming 2012 "end of the world." I'm sure her space was just too limited to include those.
How far from the truth can the media get and still have any creditability? Well, since this one is a Time cover story, apparently, just as far as the want.
The primary cause of the housing bust, the economic downturn and current housing market situation was brought on by a severe lack of responsible lending (and with that, a severe lack of responsible borrowing, as well) practices. Practices which were brought on primarily by GREED from corporate entities, not homeowners. There is no secret evil homeowners' society planning the social and economic destruction of America, Ms. Kiviat. At least, I haven't been invited to it yet.
The problem with this article isn't that it attacks homeownership. Pro-renters, landlord groups, apartment associations, etc have been doing that forever. The real problem is that it is a truly irresponsibly written article by a major magazine taking every possible crisis America has faced in the last 100 years or so and blamed homeownership for it ALL. If it were true, so be it, but truth doesn't seem to be a problem for the writer, as there's only enough of it woven into the fiction to at least try to appear like it's been a well-thought out post.
I do hope that most who read The Case Against Homeownership will actually see it for the mindless drivel that it is, and reading some of the comments it has garnered, many do.
Check it out yourself if you're in the mood for a good laugh or if you simply haven't got enough B.S. in your life already!