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Monday, Mar 30, 2015
Letter of the Day

‘Market of the greedy’


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Regarding “Home sales sweetening” (front page, April 23):

Why haven’t we learned from our past mistakes over the housing market crash?

It seems there is new data on the news and in the newspaper daily regarding the turnaround in the housing market. Prices up 20 percent — this is a sellers market, and everyone once again wants to jump on the bandwagon to make a big profit.

I am all about capitalism, but when 48.4 percent of the purchases of homes are made by investors, such as Blackstone Group, a New York-based firm, buying thousands of homes with cash and have the buying power to do so, this becomes a problem. These homes are foreclosures, often forcing buyers who want to live in their homes to outbid them.

Seriously, is this what generates our economy?

The American dream of owning a home by the average citizen has become virtually impossible due to no fault of their own because of job loss, foreclosure or divorce, and perhaps in many cases all of the above. How about our college students who graduate with student loans they cannot repay due to a lack of jobs?

When will we ever wake up and realize our past mistakes? Bank bailouts, backing of hedge funds and a continued laissez-faire attitude in our marketplace will crash our economy once again, only to set us back even further.

What generates a healthy economy is a balance of providing opportunity to all to obtain the American dream of owning a home and the stimulating of healthy investments in the marketplace.

As the average citizen tries to repair their credit and savings along the way for a down payment and lives righteously, the pendulum continues to sway to the “Market of the Greedy” with no repercussions.

Judy Cress


The writer is president of Cress Properties Group Inc.

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