Wednesday, September 29, 2010

ECONOMY - "Home" vs "a Box You Live In"

I am posting this mainly because I was shocked at the implication that people would see their home as an investment. I guess that makes me a traditionalist in the way President Obama stated in quote below.

My home is something that gives me comfort and pride. A place I love and the hub of my life. I am 65 and this is the tradition of home I was brought up with.

It MAY be that younger generations do not have this same feeling, tradition, about their home. A way to put it may be the younger generations live in a house (just a box they live in, an investment) rather than a home in the traditional sense.

"To Rent or to Buy? Housing Market Leaves No Easy Answers"
PBS Newshour 9/28/2010

From transcript

U.S. PRESIDENT BARACK OBAMA: If you want a house you got to save for a while. You got to wait until you have 20 percent down. You should go for a mortgage that you know you can afford.

You've got to -- there shouldn't be any surprises out there, right? That kind of traditional thinking about saving and thinking about the house not as something that is always going up 20 percent every year and you're going to flip and take out home equity loans and all that -- we've got to have a different attitude, which reflects what you talked about, more of an attitude that this is your home. This is not just a way to make quick money.

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