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In its Sept. 6 cover story, Time magazine launches an assault on homeownership. In this inaccurate article, "Rethinking Homeownership, why owning a home may no longer make economic sense," the author claims that it "may have triggered the financial crisis," "contributed to the hollowing out of cities" and "fed America's overuse of energy and oil."

Homeownership did not create the financial crisis. The problem is Wall Street greed and irresponsible lenders who dangled big loans in front of people luring them into signing mortgages on homes they could not afford.

Compounding this issue is a troubled economy, where Americans can't find meaningful work to support their homes and families. Housing cannot recover until jobs return to the economy.

The benefits of homeownership clearly outweigh the negative effects. Owning a home is one of the best ways to build long-term wealth, providing both equity accumulation and tax benefits over time.

Research shows that homeownership benefits individuals and families, strengthens communities and is integral to our nation's economy. Homeowners are more likely to be engaged in community issues, and they move less frequently. This helps prevent crime, improve childhood education and support neighborhood upkeep.

And buying a home puts money back into the local economy, bringing added jobs and new retail establishments.

This article is an indictment on the value of homeownership. It is important that we insure that public policies are in place to promote responsible, sustainable homeownership and support the wide variety of housing choices.

Owning a home isn't for everyone, but anyone who is able and willing to assume the responsibilities of homeownership should have the opportunity to pursue that dream.

Edward R. Curley III, Great Mills

The letter writer is president of the Maryland-National Capital Building Industry Association.