Jul 3 2007 9:01AM | Permalink | Email this | Comments (0) |
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Some historians say that Thomas Jefferson's originally wrote in the Declaration of Independence that all men were entitled to "Life, Liberty and the pursuit of Property," and only later changed it to the "pursuit of Happiness." Other historians say that's a myth. 

Whatever the truth, it doesn't change the fact that owning property has long been the American dream. In the earliest days of the republic only (white male) property owners were allowed to vote. While that official line has vanished, owning a home is still the sign you have "arrived" as an American.

Is it a right to own a home? Of course not, but every person should have the chance to own a home if they work hard and make some sacrifices. Unfortunately, in too many places these days, it's an unrealistic dream. 

Last week, NAHB released its Housing Opportunity Index, which looks at what markets are the most affordable based on home prices and median income. Not surprisingly, the least affordable markets were in California, led by Los Angeles-Long Beach-Glendale with only 3 percent of homes sold in the first quarter were affordable to families making the median income of $61,700. It's that kind of fundamental disconnect that has caused this crash in the real estate market. 

The scary thing is that we're teaching the next generation of potential buyers in much of the country that owning a home is something only for the very well off. And that's a recipe for disaster for builders and remodelers.