Too Many Homes for Sale?

Since 2007, millions of Americans have seen untold fortunes and dreams lost as a result of questionable lending and borrowing practices. Countless millions more honest, law-abiding Americans have become sideline victims as they try to sell their home for legitimate reasons only to find their home’s value has dropped precipitously. Despite this, the majority of focus on assistance has been to directly benefit those that participated in the questionable practices.

America was founded on the principles that government is of the people, by the people, and for the people. Granted, the government has taken drastic steps in the last six months to assist with the recovery of the housing market, but much more needs to be done.

As defined by Investopedia, “supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy.”

Now, believe it or not, there is a website asking everyone to take their homes off the market.

The site’s creators say, “There are other fundamental issues with our economy, but the housing market led us into this recession and the housing market will lead us out. It just won’t be solely at the hands of the government, it will be to some degree at the hands of the American people. There are just too many homes for sale on the market. If we can get Americans to pull their homes for sale off the market then we immediately alter the supply side of the model.”

If everyone does as this site is asking, there won’t be much for homebuyers to look at starting July 4th.

Homeowners with their homes for sale are encouraged to visit The Great American Housing Recovery to register and show support by making a commitment to take their home off the market for 90 days (and ideally 180 days) on July 4, 2009.

Do you think this can work? Do you think everyone taking their homes off the market for 90 days can help our economy get back on track? We’d love to hear your comments on this idea. Leave your thoughts by clicking the link below. Your email address never gets published with your comments.