Government-sponsored housing inflation is locking the next generation out of homeownership

Reason reports:

Perversely, foreclosures are the highest they’ve ever been in American history, yet it’s harder than ever to buy a house. According to the National Association of Realtors, the median down payment by first-time buyers, even after a three-year, debt-driven economic shock, is just 4 percent. One-third of homes are still being purchased with no money down. As we learned (or thought we learned) in 2006, numbers like these are a recipe for cascading misfortunes.

Great moments in government intervention.