The Housing Crisis is Shameful

In my election day blog of November 3, 2009, Election Day Thoughts, I alluded and concluded my observations with mention of a C-Span Video on the pitiful state of our nation's housing crisis.
With the elections concluded, I want to address the remarks made by a wonderful orator, Senator Johnny Isakson of Georgia who is personally schooled in the nuts and bolts of the crisis Before coming to the Congress in 1999, Johnny had a 32 year distinguished career in the real estate industry. The main points he makes are

1. In metro Atlanta there is an average of a 10 year supply of developed lots, vacant and unsold!

2. With 1/3 of the existing mortgages valued more than the value of the home, ie. there is no equity in the homes, homeowners are finding it easier to walk away from their homes than continue paying high monthly payments.

We are past the point of blame. We must urge our lawmakers to aid those homeowners who continue to meet monthly payments with renegotiated terms. We must urge our congressman to enact much stiffer regulations to halt the rampant greed, speculation/margin financing, lack of integrity that spawned this crisis. The cure must be done swiftly. Time is running out.
Those who we put in office must act to protect the vast majority of hard-working American citizens who are at their breaking point.

Here is the link to Sen. Isakson's opening testimony. Find the section entitled Transcript and go to the the 11 minute 15 second mark and click on it to hear 10 minutes of heart wrenching testimony.

http://www.c-spanvideo.org/program/289550-1