Viet-Justice

Reuters is reporting something very surprising.  Home prices are up and they are becoming unaffordable.  One issue is that there are more people than houses available in some areas.  This is a basic supply and demand issue, not a rich vs. poor issue.  You have the option to live in less crowded areas for a lower price, though this can contribute to suburban sprawl.  The other option is to pursue longer mortgage terms.  Sure you pay more in interest, but if you want to own rather than rent it’s your next best choice.  San Francisco now has 50 year mortgage products since most homes in desirable neighborhoods are in the millions of dollars and we’re not talking mansions, but less than 2000 sq ft.  I don’t see this as something to be alarmed about.  Japan introduced 100 year mortgage products 15 years ago and everyone there appears to be doing just fine.  Generational mortgages are the future for America and everyone should get used to the idea.  Most Americans can’t imagine having 3 generations under one roof.  In a logical way it does make sense because your children will inherit your estate and your legacy.  Shouldn’t they contribute to both as well?