Housing by the numbers: Robust summer muted by rise in interest rate

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  • katy salt lake city, ut
    Oct. 8, 2013 9:20 a.m.

    Now that banks are raising interest rates on homes, they should share the wealth a little. Especially the older folks who have saved and sacrificed to have a little nest egg in the bank for their retirement and planned on using the interest to help them as they aged. We were willing to allow the banks to use our money to help the younger generation get into homes at lower interest rates in a difficult economy. But now after five years, it's time that lending institutions pay interest to those whose money they are using. .02% interest rate is not fair and does not keep up with inflation. Even burying our money would be as safe as in a bank as we aren't making anything on our savings.

    Many in our generation did not buy "wants"; we did not take expensive vacations and really lived quite frugally so we could be independent in our old age and now we watch our little nest egg being devalued every day. Most of us were not dependent on the government - we didn't spend money we didn't have. So let's speak up and be heard.