Norbert Von Der Groeben / Reuters
Julie Wyss stands outside her $1.45 million starter home, purchased in June 2012 with the help of government-backed programs, in Los Gatos, California September 6, 2012.
By Jason Lange, Reuters
Silicon Valley, the birthplace of the microprocessor, the personal computerand the iPhone, is a model of private enterprise at work. But not when it comes to getting a mortgage. In Santa Clara County, the center of the global tech industry and one of the wealthiest places in the United States, most home buyers get help from the government, an analysis of government lending data shows. The same is true in other wealthy enclaves such as Nassau County, outside New York, and Arlington County, outside Washington, the analysis of more than 50 million loans finds. It is no secret that the U.S. government propped up the housing market after the financial crisis. What the analysis by Reuters makes clear is the extent to which government programs have helped some of the nation’s most well-to-do communities.
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