The Economy

The Stock Market is at an incline and bouncing back slowly. People are spending money again. Interest Rates are still at all time lows. Yet, there are many foreclosures on the market.
The banks, who once gave loans to just about anyone who had a picture ID are now taking back those homes because the loans weren't being paid. Now, what did they expect? It sounds like they learned from their mistakes, but guess who is paying for it now? The people who never understood adjustable rate mortgages, unimproved property taxes, and weren't really familiar with economic woes. Yep, these are the poor, uneducated, mislead, anxious to be homeowners that are now paying the price. It is a true shame!
Loan Officers, and dare I say Realtors, who were so caught up in the market boom that they failed to explain the consequences to their clients. It saddens me to hear that people who were once happy homeowners can't even rent an apartment because their credit has been ruined. These folks will have to wait 3-5 years before they can even think of purchasing another home one day. In the meantime, they are living with family members in crowded conditions, renting mobile homes from slumlords, and many in shelters. This has been the perfect example of greed in more ways than one.
If you know someone who is looking to purchase a home now, they will be paying the price too. It is much more difficult to buy now than ever before. Just remember to give them kind advice in their search. "A person doesn't care how much you know, until they know how much you care." Living by that motto will help them find the caring & knowledgeable Real Estate & Loan Professionals that will put their clients interest first.