Quote Originally Posted by Cincinnati_Kid View Post
Are you serious? A lot of people buy houses because society tells them they have to, or it's the right thing to do. Some people DON"T necessarily NEED a house. That's the point I'm making, and the post above this one, and post #2 reflects what I'm saying. And higher rates on car insurance isn't a negative? Increased crime [[mainly break-ins and car thefts) and bad schools isn't a negative? Cheaper housing costs doesn't negate the increased costs in other areas, so it's basically a wash. Not being negative towards Detroit, just being real.
I don’t think you’re being very real at all here CK.

Why not just be honest and answer the question of what would happen in your community if denying access to the mortgage loan system was implemented by others who didn’t live there who saw it might be in your best interest for real estate to only be transacted in cash for many miles around where you live? After all they don’t “NEED a house” there either.

There are 2/3 less buyers in cash, people with the cash always know when they are the only game in town and take full advantage of that fact.

I would be willing to bet that the property values would plummet, the crime rate would rise drastically, the schools would go to absolute shit and insurance rates would climb considerably if the State of Ohio did nothing to intervene in those high rates like Michigan has in Detroit. Blight, poverty, population loss and many other problems that Detroit has would come home to roost quickly.

Building home equality in communities is a proven formula for success. It builds generational wealth, something to be handed down to descendants. Good financial values can get passed down with it, not always, but far more often than when there is no money in the family.