Home Ownership Continues to Take Huge Hits Under Obama's Leadership

I have often looked at home ownership as one of the great frauds in this country. First, there are assessors out there in nearly every county of the United States putting a value of worth on your property for the government. You see this every year as the property tax on your house, which if you don't pay, you soon discover WHO REALLY OWNS YOUR HOUSE.

Do the math, if your property taxes are $1500 a year, which is low compared to some place in the country, you just spent $45,000 paying your taxes on a 30 year note, which means a lot of that profit you were looking at in your house is now gone. Guess what, that's a conservative number.

Then of course, most Americans can't afford to pay outright for their homes, so they finance them for 20 or 30 years, which means the interest is eating up any promised return on investment. During those 20 or 30 years, you are responsible for the maintenance and upkeep, not to mention you do little things to liven the place up that usually bring little to the value of the home.

Then you mix that with America's new socialist form of government, which believes and promotes that home ownership is a right, you see how banks are forced to lend to those who shouldn't qualify for homes, which led to a foreclosure crisis turning many people upside down on their mortgages as the inflated values of their homes dropped in value as too many homes now sit vacant.

It appears Obama is going to finish off any other reason to purchase a home. In case you haven't been watching, Obama wants to kill the mortgage interest rate deduction on your income tax. And now this as reported by Quickwit:

Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?
That's $3,800 on a $100,000 home etc.

When did this happen? It's in the health care bill...

This bill is set to screw the retiring generation who often downsize their homes.

Oh, you weren't aware this was in the ObamaCare bill? Guess what, you aren't alone. There are more than a few members of Congress that aren't aware of it either.

I guess you call this capital gains tax for the middle class and the poor.