Pittsburgh Legal Back Talk

Legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus.

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Aging in Place

Posted By Cliff Tuttle | February 7, 2019

No.  1,612

Fannie Mae, the government agency that keeps the residential financing market  moving, reports that those greedy seniors are holding 1.6 million housing units off the market. Prior generations sold their homes at a younger age, making more quality housing available for young families.

Of course, the reason why more of us are aging in place is because we are happy in the place called Home. Period.  A free market includes the right not to sell.  Selling a house costs money and a whole lot of work.  It may require parting with furniture and possessions acquired during a lifetime. Not selling has too many advantages.  That’s why people do what they do.

There is an assumption built into prevailing economic thought that prosperity is driven by a continuous cycle of production and spending. This model does not apply to the aging homeowner.  From their personal point of view, saving a dollar is the equivalent of earning a dollar.  And that’s what people who stay out of the housing marketplace do.

This isn’t China.  Quit telling people what they are supposed to do to promote the greater good, Fannie Mae. All of those houses will be on the market soon enough.

CLT

 

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CLIFF TUTTLE has been a Pennsylvania lawyer for over 45 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.

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