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An Open Letter

February 24th, 2010 - 11:17 am

Dear Washington,

Quit helping. Please. Look at this:

U.S. mortgage applications fell for a third straight week, with demand for home purchase loans sinking to the lowest level in 13 years as inclement weather weighed, data from an industry group showed on Wednesday.

A continued drop in demand for purchase loans, a tentative early indicator of home sales, would not bode well for the hard-hit U.S. housing market, which remains highly vulnerable to setbacks and heavily reliant on government intervention.

Do you know why home sales keep cratering? Because you, dear government, are doing most everything in your power to prop up prices. When people are generally poorer, does that really seem like such a smart move? Let the market find a bottom, then — get this — more people will be able to afford houses. And the economy will grow again. And people will find work again.

To be honest, falling home prices could really put a crimp in my retirement plans, 25-30 years down the road. But if I lose my job, I might have to sell this house next month, instead of in the year 2040. And I’d take a great big loss in this market, and my retirement would take an even bigger hit.

So knock it off already. We can’t afford any more of your help.

Suck eggs,

-Steve.

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